FOR IMMEDIATE RELEASE 02/18/2015
Representative Poncho Nevárez Joint-Authors Resolution to Lift U.S. Ban on Exportation of Crude Oil
Austin, TX -- State Representative Poncho Nevárez joint-authors HCR 57, which urges Congress and the President of the United States to lift the ban on crude oil exports. In 1975, Congress attempted to secure U.S. energy reserves with the Energy Policy and Conservation Act, which implemented the ban on crude oil exports. Due to new technology, drillers are now able to extract oil and gas reserves that were not accessible forty years ago, increasing U.S. proven oil reserves exponentially. By lifting the ban the U.S. will become a player in the global crude oil export market, improving the U.S. trade balance and geopolitical standing. HCR 57 in effect will decrease global oil prices, which studies have shown will decrease U.S. gas prices. Lifting the ban will not only increase America's GDP, but will also create 40,921 new jobs in Texas. HCR 57 has already gained the support of numerous organizations including the Texas Alliance of Energy Producers, the Texas Pipeline Association, and the Texas Oil and Gas Association.