A 40-year ban on exporting crude oil is a hot topic in congress this week.
The ban was enacted by the Ford Administration in 1975 under the Energy Policy and Conservation Act.
Lawmakers are pushing the nation to lift the ban in hopes of helping restore the oil and gas industry in Louisiana, “Certainly the opportunity to be able to export oil will lead to new opportunities and more jobs here in Lafayette and Acadiana,” said Gifford Briggs, President of the Louisiana Oil & Gas Association.
If the ban is lifted, it is expected to create 5,400 new jobs in the state.
Briggs says, It’s an economic boost Louisiana is in dire need of, “We need to be able to compete on a global market with all the other countries out there, with all the other industries out there and once this goes through, that’s an opportunity for us to do that,”
Steve Maley, an Oil Operations Manager at Badger Oil Corporation, agrees that this could make the U.S. a major player in the industry worldwide, “American crews could compete on a world market and
theoretically have a more solid price basis,”
“We’ve unleashed and incredible amount of reserves and we’re producing more than we ever have at 10 million barrels per day and so this is an opportunity for us to grow that production even further,” Briggs added.
A decision on the ban is expected in the next few days.