America’s self-imposed oil export ban
Yesterday, I voted to end the outdated, self-imposed ban on crude oil exports that puts us at a disadvantage in the global economy. If enacted, the American Crude Oil Export Equality Act, S. 1372, will allow the United States to counter countries like Iran and Russia, who use oil as a geopolitical tool to influence our allies and manipulate global trade and security policies.
Following the 1973 OPEC oil embargo, the U.S. restricted the export of crude oil. More than 40 years later, the U.S. is the only country in the world with a self-imposed ban on oil exports. In a vote in the Senate Banking Committee, I supported lifting these restrictions to offer our allies an alternative supply of oil, as well as cut the U.S. trade deficit by billions and create thousands of construction and machinery jobs in Illinois.
Rest assured, I will continue to support free trade principles that bolster our national security and grow Illinois’ economy.
Senator Mark Kirk