Exporting oil gains powerful backer
WASHINGTON- The push by U.S. oil companies to export oil and do away with a ban has a powerful supporter.
House Speaker John Boehner says the decades-old ban is outdated and exporting U.S. crude would be a huge boost to the economy.Boehner claims it could create up to a million jobs and bring U.S. energy policy into the 21st century. Banning exports became law in the 1970's. It was after an OPEC oil embargo led to gasoline rationing, high prices and long lines to fuel up.
Boehner says the "scarcity mindset" has now been replaced by an energy boom that has domestic oil production at record levels. Experts predict the U.S. will be the world's biggest oil producer this year.