first_imgzoom The U.S. House Energy and Commerce Committee voted 31-19 in favor of approving legislation to lift the nearly 40-year-old ban on crude oil exports from the U.S.A. The bill is expected to be considered and passed by the full House later this month.”The ban on exporting crude oil imposes an estimated USD 200-USD 600 billion cost to the U.S. economy, discourages crude oil production, prevents the creation of jobs, and causes higher gasoline prices for U.S. consumers,” the Committee Chairman Rep. Joe Barton (R-TX) said.”We need to use our abundant resources for the highest and best causes – creating jobs, encouraging innovation, supporting our allies and being a leading player in the world market.”The supporters of the bill claim that studies have shown that lifting the ban would create nearly one million new jobs across the United States and help keep prices lower at the pump.However, the bill has yet to face its biggest tests following the expected approval by the full House in the following weeks, as it still needs to secure support of several Democrats to clear the U.S. Senate.The White House said that it wouldn’t back the bill because that is ”a policy decision that is made over at the Commerce Department.”Instead, the administration expressed its belief in pursuing an approach that also invests in renewable energy.last_img read more