The Texas Tribune | Tuesday, September 1, 2015
This December marks 40 years since Congress passed the crude oil export ban - an antiquated law created in response to disruptions in global supply in the 1970s. Fortunately, the world looks very different, and our country's energy landscape has undergone a complete transformation thanks to technological innovation and policies implemented in energy-rich states like Texas.
The shale revolution has allowed the United States to supplant the tenuous oil and gas supply on the '70s with an abundance of natural gas, and at the same time create jobs at home and lower energy costs for American consumers. In just 10 years, imported petroleum consumption has fallen from 60 percent of the market to less than one-third. And today, the U.S. is the world's top producer of petroleum and natural gas.
As a result, all of our supply cannot be adsorbed domestically. In order to keep production going, and our economy growing, energy producers need access to the global market. With production of domestic oil and gas projected to continue growing over the coming years, now is the time for Congress to lift the crude oil export ban. In so doing we can strengthen our economy and enhance our strategic standing around the world.
Representative John Cornyn is the senior United States senator from Texas, serving since 2002. He is a member of the Republican Party and is the current Senate Majority Whip.