Cramer Co-Sponsors Amendment to Lift Crude Oil Export Ban on Highway Funding Bill
WASHINGTON, D.C. – Congressman Kevin Cramer released the following statement today after agreeing to co-sponsor Congressman Michael McCaul’s (R-TX) amendment to the highway bill, known as the DRIVE Act, which will be considered by the House next week. View the text of the amendment here.
The Highway Bill is the perfect vehicle for this policy. We know for example that lifting the crude oil ban would generate revenue which is needed for transportation enhancements. We know that lifting the ban will likely lower gas prices which of course users of our transportation system want and need. But we also know that oil production requires a robust transportation system, and this is a way for the industry to contribute more to that system both by committing the increased revenue from the oil itself to the highway bill and then the increase purchase of petroleum products in the production and transportation of the crude itself. This is frankly the perfect place to put an amendment like this.
The amendment would remove the ban on exporting crude oil except for countries subject to sanctions or trade restrictions imposed by the U.S. or the President or Congress has designated the country as subject to exclusion for reasons of national security. The President may impose a ban on exporting crude oil for a period of not more than 90 days during a national emergency and can be extended if necessary. Eighty percent of any revenues the lifting of the ban generates will go to the Highway Trust Fund and twenty percent to the Mass Transit Account within the Highway Trust Fund.