Adaptation to Changing Crude Oil Markets

Floor Speech

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Mr. COSTA. Mr. Chair, as some of my colleagues have mentioned, the ban on crude oil exports is an outdated policy. It was 1975 that it was enacted. A lot has changed since 1975.

I believe this bipartisan, commonsense solution is needed to develop a comprehensive effort to deal with our energy policy in America that deals with both our short-term and our long-term needs. I think we have to use all the tools in our energy toolbox, and I think this is part of that effort.

New technologies have provided the United States with an abundance of crude oil that is only continuing in nature, combined with our renewables and our other energy sources.

We need to understand that this is about stimulating our economy and creating jobs, and it also has a very important geopolitical influence on bad actors, like Russia and Iran, who use energy as a political weapon.

I understand there are concerns by my colleagues about eliminating this ban and the negative impacts it will have. I have some concerns with small and midsized domestic refineries, which I have represented.

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Mr. COSTA. Mr. Chair, this is a work in progress. We obviously need to address a number of other issues with the Senate.

I remind my colleagues, this is important. It is about jobs, the economy, and providing alternatives of energy to Russia and Iran, and that is why I support this legislation as we continue to work together in a bipartisan fashion.

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