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 US Congress lifts 40-year-old ban on oil exports, - WSJ

The House voted Friday to lift the 40-year-old ban on oil exports, fueling a clash with President Barack Obama and acting on one of the oil industry’s top congressional priorities.

Lawmakers voted 261-159 to lift a ban, Censor.NET reports citing The Wall Street Journal.

Debate on the issue now shifts to the Senate, where the measure faces steep hurdles to passage. The White House has threatened to veto the bill, saying it "is not needed at this time."

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"This is a vote to level the playing field for U.S. workers and businesses who should be allowed to compete against foreign oil suppliers like Iran and Russia," said George Baker,executive director of the coalition of more than a dozen oil companies, which also includes Marathon Oil Corp., and Apache Corp.

"An extra dollar or two for the price of our product today is very important because our margins are incredibly squeezed," said Doug Suttles, chief executive of Encana, a Calgary, Alberta, company that pumps oil and gas in the U.S.

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Congress first put the ban on oil exports in place after the 1970s Arab oil embargo that sent domestic gasoline prices skyrocketing.
 
 
 
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