House leaders have scheduled a floor vote on a bill lifting the 40-year-old ban on oil exports for Friday.
The floor schedule posted on House Majority Leader Kevin McCarthy’s website Monday shows the bill slated for a vote on Oct. 9, ahead of the Columbus Day holiday weekend.
The bill was introduced by Republican Joe Barton of Texas, who wants the restrictions repealed to give U.S. producers access to the global market, resulting in jobs and greater economic growth.
The oil and gas industry launched an ad campaign over the weekend that said removing the ban was necessary as a matter of national security, as Iran prepares to release 500,000 barrels of oil onto the market next year. The sanctions on Iran will be removed as part of President Obama’s nuclear weapons deal with the Islamic country.
The industry ad campaign argues that Iran’s oil release would decimate U.S. oil producers unless the ban, which was established as a response to the 1970s Arab oil embargo, is lifted.
