America could soon be exporting a lot of oil. Momentum is building fast on lifting the ban on U.S. oil exports. Some believe the ban may not even live to see its 40th birthday this December. A powerful combination of forces, starting with the massive United States shale oil boom, cheap gas prices and the Iranian nuclear deal is propelling this move much quicker than anybody expected.
A historic agreement with Iran could soon pave the way for Iranian oil to flood the global markets.
Proponents of lifting the ban wonder: If Iran can export lots more oil, why can’t the U.S.?
“The political calculus has been changed by this Iran deal,” said Joe McMonigle, who was chief of staff at the Energy Department in the George W. Bush administration.
Support is building to kill the ban
The effort is picking up a lot of political support in both Houses of Congress.
A House subcommittee has scheduled a vote for Thursday on a bill that would eliminate the oil export ban. The vote would clear the way for it to move forward. The bill was introduced by Rep. Joe Barton, R-Texas, and has 13 Democratic co-sponsors.
“It’s a no-brainer. It pressures the Russians. It pressures the Saudis. It doesn’t raise gasoline prices. It puts people back to work,” Barton told CNNMoney.
Barton said he hopes to give the American people a “Christmas present” by getting a bill on President Obama’s desk before the end of the year. READ THE REST ON CNN MONEY