Budget deal bill boosts oil exports, renewable energy

“Lifting the ban on USA crude oil exports will benefit American consumers and workers, and our allies across the globe.”Valero, whose Port Arthur refinery processes foreign grades of crude oil, has lobbied against lifting the ban”. The legislation, expected to win Congressional approval this week, would eliminate the 40-year ban on exporting USA oil while also extending subsidies for solar and wind power. This way both the oil and the renewable energy industry would benefit from the legislation. The move is part of a grand $1.1 trillion budget deal between the Obama White House and the Republican-controlled Congress, which will avoid a government shutdown. That created a tectonic shift in the global energy landscape.

Sen. James Inhofe, R-Okla., chairman of the Senate Environment Committee, said a contribution to the climate fund would be disingenuous and a misuse of taxpayer dollars.

“Today, the American people can cheer the House and now the Senate for putting the nation’s energy needs ahead of politics”, said Gerard. The Organization of Petroleum Exporting Countries put into place an oil embargo after the USA sided with Israel in the Yom Kippur War and the price of oil spiked from $3 to $12.

“Studies indicate lifting the ban would generate more than 5,000 jobs in Louisiana and an estimated 1 million across America, add almost $300 million to Louisiana’s economy and $170 billion annually to our GDP”, Scalise said. Their so-called CRUDE Coalition says lifting the ban will lead to higher pump prices when once-landlocked domestic crude commands higher prices in global markets.

House Minority Leader Nancy Pelosi, D-Calif., was downright discouraged. In fact, production in a number of individual states is outpacing some of the world’s top energy-producing nations. Without the trade limits, the US – now the world’s largest oil and gas producer – is free to export its crude, as it already does with refined products including gasoline.

The bill, posted early on Wednesday morning, allows the USA president to stop oil exports for one year if he or she declares a national emergency, or if the administration decides that the exports are causing a domestic oil shortage or raising United States oil prices.

Wind and solar advocates said five-year renewals of their tax breaks would provide needed certainty to spur further growth. There are a lot of US industries for which energy is a huge cost, from agriculture, to airlines, to manufacturing. Tom Udall’s office, WIPP will be receiving $305 million with the new spending bill, with $82 million being dedicated to recovery activities. Lisa Murkowski, R-Alaska, to build bipartisan support for lifting the ban, said getting enough Democrats on board required balancing it with renewable energy tax credits and the potential for conservation programs.