Hope they have a good debate over this one.
Check it out:
Senators on Thursday will begin to debate whether it’s time to let crude oil flow from America’s shores for the first time since the 1970s.
With domestic production surging, lawmakers are increasingly talking about the ban on crude exports as a relic that has outlived its usefulness.
“We had to reserve the oil that we had, when no one else was shipping to us,” said Sen. Mary Landrieu (D-La.), who is poised to become chairwoman of the Senate Energy and Natural Resources Committee.
Passed by Congress after the Arab oil embargo of 1973, the export ban was intended to conserve domestic oil reserves and discourage foreign imports.
But now that America is slated to top Saudi Arabia as the world’s largest producer of oil in 2015, many lawmakers say walling off foreign markets doesn’t make sense.