Senate Majority Leader Mitch McConnell told reporters Wednesday he is in favor of repealing the United States’ ban on exporting crude oil.
Following policy lunches in the U.S. Capitol Wednesday, McConnell told reporters, “I support eliminating the oil export ban.”
He said that Iran’s ability to export its oil under the deal reached with the White House and five other nations means companies drilling in the United States should be allowed to export their oil.
George Baker, executive director of Producers for American Crude Oil Exports, praised McConnell for announcing his support for repealing the ban.
“With bipartisan support growing in Congress, we hope the White House will make ending the ban a priority and recognize this tremendous opportunity to make the United States a global energy superpower while helping American businesses and consumers here at home,” Baker said.
The ban on exporting crude oil has been in effect since the 1970s, created in response to the Arab oil embargo.
Opponents of lifting the ban say consumers would lose money and the measure would benefit only oil companies. However, several analyses, including a recent one from the Energy Information Administration, show that lifting the ban would keep gasoline prices stable or cause them to drop.
McConnell joins House Speaker John Boehner, with many other lawmakers, in supporting the ban being lifted. On Tuesday, Sen. John Hoeven, R-N.D., speculated there are enough votes in the Senate to pass a bill that would repeal the ban.
House Majority Leader Kevin McCarthy, R-Calif., said Tuesday that a vote on lifting the ban would come by the end of the month.
A bill repealing the oil export ban was scheduled to go before the House Energy and Commerce Committee Wednesday afternoon, but the hearing was rescheduled for Thursday morning.
The White House has indicated President Obama does not support the legislation.
