A bill to lift the 40-year-old ban on U.S. oil exports passed the Senate Banking Committee on Oct. 1, but the future of the measure is uncertain in the full chamber, after a controversial amendment was added to it.
The bill, sponsored by Senator Heidi Heitkamp a Democrat from oil-producing North Dakota, passed 13 to 9. Heitkamp was the only Democrat to vote for the measure.
Senator Pat Toomey, a Republican of Pennsylvania, added an amendment to the bill that would make Iran compensate U.S. victims of Iranian backed terrorism, language that senators said would doom the bill's future.
"The bill is dead," because of the addition of the Toomey amendment that the White House likely opposes, said Senator Jon Tester, a Democrat of Montana.
The White House has said it does not support the Senate's efforts to lift the ban. In addition, the White House said earlier this week it would veto any bill that would prevent the president from providing sanctions relief to Iran until $40 billion dollars in restitution has been paid to American victims of Iranian-backed terrorism.
Toomey said that relaxing the trade restriction could offer his state, which also produces oil, some benefits, but that it would have to be done in a way that does not put jobs at oil refineries and in shipbuilding in danger.
A similar bill to lift the ban passed earlier in the year in the Senate Energy Committee. This bill too was only supported by one Democrat, Senator Lisa Murkowski of oil-producing Alaska, the head of the panel. Backers of the bill need six Democrats to pass the bill if all 54 Republicans vote for it.
Recommended Reading
Kissler: OPEC+ Likely to Buoy Crude Prices—At Least Somewhat
2024-03-18 - By keeping its voluntary production cuts, OPEC+ is sending a clear signal that oil prices need to be sustainable for both producers and consumers.
Buffett: ‘No Interest’ in Occidental Takeover, Praises 'Hallelujah!' Shale
2024-02-27 - Berkshire Hathaway’s Warren Buffett added that the U.S. electric power situation is “ominous.”
Uinta Basin: 50% More Oil for Twice the Proppant
2024-03-06 - The higher-intensity completions are costing an average of 35% fewer dollars spent per barrel of oil equivalent of output, Crescent Energy told investors and analysts on March 5.
Canadian Natural Resources Boosting Production in Oil Sands
2024-03-04 - Canadian Natural Resources will increase its quarterly dividend following record production volumes in the quarter.
Matador Stock Offering to Pay for New Permian A&D—Analyst
2024-03-26 - Matador Resources is offering more than 5 million shares of stock for proceeds of $347 million to pay for newly disclosed transactions in Texas and New Mexico.