In the nearly 40 years since laws governing the export of crude oil were last visited the United States has significantly increased domestic oil production and is now the world’s largest oil producer. Studies have shown that lifting the current ban on crude oil exports would create jobs, many in rural areas.
Opening Statement by Agriculture Committee Ranking Member Collin C. Peterson
Energy and the Rural Economy: the Economic Impact of Exporting Crude Oil
--As Prepared for Delivery--
“Thank you Mr. Chairman.
“I support removing restrictions on the export of crude oil from the United States and am a co-sponsor of H.R. 702 which would do just that.
“This simply makes sense as current export laws are outdated. In the nearly 40 years since laws governing the export of crude oil were last visited the United States has significantly increased domestic oil production and is now the world’s largest oil producer. Studies have shown that lifting the current ban on crude oil exports would create jobs, many in rural areas.
“The Agriculture Committee does not have jurisdiction over oil exports but programs such as USDA Rural Development could help rural areas face challenges with population fluctuations and increased strain on rural resources that come from increased production.
“I look forward to hearing from today’s witnesses about the opportunities crude oil exports could provide to rural communities. I hope we will also be able to discuss some of the infrastructure issues that we have seen come up in areas like North Dakota, near my district, where they have seen a dramatic increase in oil production.
“Again, I thank the Chair for holding today’s hearing and welcome our witnesses.”
