US Senate approves bill lifting 40-year-old crude export ban
The U.S. Senate Banking Committee lifted the 40-year-old ban on U.S. oil exports on Thursday. It was sponsored by Senator Heidi Heitkamp, the only Democrat from oil-producing North Dakota to vote for it.
However, many have expressed that the future of the bill lacked clarity, especially after a controversial amendment was added to it.
Reuters reports the bill has been debated as controversial after Senator Pat Toomey, a Republican from Pennsylvania, amended it in such way that would leave Iran to compensate U.S. victims involved in terrorism prompted by Iran. The other Senators have shown disapproval for this amendment.
Another Democrat Senator Jon Tester, from the state of Montana, acknowledged that the bill would be beneficial for the country but later considered it to be useless because of the added amendment brought by Toomey. The White House has also opposed the bill.
Nonetheless, he suggested for a final bill that would delineate steps to conserve energy or formulate renewable energy policies and he also felt that it could be merged into a broader energy package. “These are all important things and I think if we work together in a bipartisan way — set politics aside — we can do some things that are very positive for the county with this ban,” he added as reported by The Hill.
The White House hasn’t extended its support towards the bill, considering the given environment. As a result of the amendment, the bill would block the lifting of sanctions, in accordance with the Iran Nuclear deal, until Iran compensate more than US$40 billion(AU$ 57.11 billion) to the American victims of Iranian backed terrorism.
The White House has said that President Barack Obama would be forced to veto the similar legislation.
Oil producers, who support the lifting of the ban, have expressed scepticism over such a restriction, citing that it would hinder the drilling growth as oil oversupply dominates domestic market. Meanwhile, opponents hit backby saying that it would harm the environment and affect jobs related to the oil market.
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