The House of Representatives today approved a bill that would end the 40-year-old ban on crude oil exports. Via the Wall Street Journal, the bill faces an uphill battle due to President Obama’s veto threat on Wednesday and a lack of strong support in the Senate.
Many refining companies have spoken out against removing the ban, fearing it would result in lower profit margins. A group of independent U.S. refiners including Philadelphia Energy Solutions, Monroe Energy, PBF Energy and Alon USA formed a coalition last year to fight the effort to lift the ban.
Lawmakers in the past have been reluctant to support any measures to lift the ban given its uncertain impact on domestic gasoline prices. Numerous studies, however, suggest it could lower prices at the pump.
MORE DRILLING & EXPLORATION: Time to lift the ban on crude oil exports
