Senate Passes Markey Amendment to Monitor Crude Oil Exports
Senator led charge opposing efforts the lift the ban to export America’s crude oil
Washington (January 28, 2016) – Senator Edward J. Markey (D-Mass.), chair of the Senate Climate Clearinghouse, released the following statement today after the Senate passed his amendment to the Senate energy bill by a vote of 62-29 that would require the Government Accountability Office (GAO) to review and report back annually for three years on the impacts of crude oil exports on U.S. consumers, independent refineries, shipbuilders and energy production. The omnibus spending bill that was enacted into law in December 2015 lifted the 40-year old restrictions on exporting U.S. oil overseas.
“The old saying is that knowledge is power,” said Senator Markey. “My amendment will empower us with knowledge about the impacts of this new export policy so that we can make informed decisions to protect consumers, key sectors of our economy and our energy security.
Exporting American crude oil could be a disaster for independent refineries in regions such as the East Coast. It could raise prices for consumers who are currently saving $700 a year at the pump and $500 on heating oil this winter because of low oil prices. And it could harm U.S. shipbuilders who are experiencing a shipbuilding renaissance in this country.
“We should know how exporting American oil is affecting key sectors of our economy and we should know how it’s affecting energy production in the United States. I thank my colleagues for voting for this amendment on a bipartisan basis and look forward to working with Chairman Murkowski and Senator Cantwell to further strengthen this legislation.”