House Republicans announced a spending bill Tuesday night that would lift the federal 40-year-old ban on oil exports.
The GOP struck a deal with Democrats to get the ban lifted by agreeing to extend a wind production tax credit for five years in a related tax package released at the same time.
Democrats had tried to get the GOP to extend the credits for 10 years or make them permanent, which failed. Behind the scenes, however, lawmakers ended up going for a much more modest extension being pushed by industry lobbyists, say lawmakers.
For Republicans, lifting the 1970s ban has been a key priority, which they believe will increase jobs by opening up U.S. crude oil production to the global market, while bolstering energy security.
But whether President Obama will sign the bill is not clear. The White House had said he would veto a standalone bill lifting the export ban.
White House press secretary Josh Earnest said earlier this week, “We oppose legislation that would lift the ban on the exporting of American crude oil.” But he also said he wants Congress to make investments in renewable energy.
