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Today, the House Agriculture Committee held a hearing to examine the economic impact that exporting crude oil would have on the rural and national economy. Members of the committee heard from experts on energy development and the rural economy, who focused on the advantages to lifting the ban on oil exports.
“The majority of oil development takes place in rural areas like Texas’ Eleventh Congressional District, and when development slows or prices swing wildly, the health of those rural communities suffers. Allowing a forty-year old law to dictate our nation’s energy policy is simply not in the best interest of the American people. According to studies, if we were to lift the ban today, we would see close to a million new jobs nationwide in just a few years. Lifting the oil export ban will grow our economy, it will also improve our geopolitical position and it will lower gas prices,” said Chairman K. Michael Conaway.
Written testimony provided by the witnesses from today’s hearing is linked below. Click here for more information, including Chairman Conaway's opening statement and the archived webcast.
Witness List:
Panel I
The Honorable David J. Porter, Chairman, Texas Railroad Commission, Austin, TX
Mr. Harold Hamm, Founder, Chairman and Chief Executive Officer, Continental Energy, Oklahoma City, OK
Mr. Terrence A. Duffy, Executive Chairman and President, CME Group, Chicago, IL
Ms. Kari Bjerke Cutting, Vice President, North Dakota Petroleum Council, Bismarck, ND
Mr. Jamie Webster, Senior Director, IHS, Washington, DC
Mr. Frank Rusco, Director for Natural Resources and Environment, U.S. Government Accountability Office, Washington, DC
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