To start with ON FOX: A group of Household GOP leaders wrote a letter Tuesday to President Biden urging him against relocating ahead with a ban on oil exports.

Dozens of Republicans — led by Residence Minority Chief Kevin McCarthy, R-Calif., and ranking member on the Residence Strength and Commerce Committee Rep. Cathy McMorris Rodgers, R-Clean., — argued that these types of a plan would harm the U.S. economy and indirectly advantage international oil producers. Their letter, which was very first received by WHD News Digital, countered recent calls from congressional Democrats asking the president to halt crude oil exports.

"We create in robust opposition to any energy by your administration to manipulate the industry for crude oil and petroleum goods by means of a ban on exports," the Republican lawmakers wrote. "Banning oil exports would damage American employment and guide to increased electrical power rates for the hardworking persons of this nation previously struggling under report superior inflation."

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They additional that an export ban would lessen domestic electricity generation and drive the U.S. to count much more seriously on Russia and Firm of the Petroleum Exporting Nations (OPEC) members, like Saudi Arabia. 

Rep. Cathy McMorris Rodgers, R-Clean., the rating member on the Household Power and Commerce Committee, speaks through a news conference on May well 12.  (Ting Shen by means of Getty Photos)

"On top of that, banning American oil exports would punish our allies in Europe and Asia who desperately seek to lessen their reliance on OPEC and Russia for oil," they stated in the letter. "The only beneficiary of a ban on American oil exports would be Russia, which would achieve geopolitical leverage in excess of our allies and further profits to finance the unjustified war on Ukraine."

"Imposing an oil export ban would elevate the U.S. trade deficit and make us far more reliant on international oil," the letter ongoing.

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Strength Secretary Jennifer Granholm explained in May well that the president remained open to equally an export ban on crude oil and petroleum products and solutions like gasoline and diesel fuel, going for walks back again her responses from December suggesting the opposite. In 2015, Congress passed bipartisan legislation ending the longstanding oil export ban that had been in impact for 40 yrs.

The U.S. imported about 6.5 million barrels for each day of oil (bpd) and exported 3.8 million bpd in the course of the week ending on July 15, according to the Power Data Administration.

On Tuesday, industry teams American Petroleum Institute (API) and the American Exploration and Generation Council produced an examination exhibiting that lifting the earlier crude oil export ban in 2015 decreased global gasoline prices by $1.93, enhanced U.S. economic productivity by $161 billion, boosted oil production by 1.8 billion barrels and led to the generation of about 48,000 new work.

"American electricity management doesn’t just deliver important benefits to Individuals - fueling the U.S. economy and American employment, providing trusted energy, and aiding place downward strain on prices, but it also strengthens world-wide protection and supports our allies," API President and CEO Mike Sommers stated following the evaluation was revealed.

A different investigation from the American Council for Funds Formation concluded a ban on exports of petroleum goods would lead to a loss of $44 billion in gross domestic item and 110,000 careers in 2023.

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In the meantime, Vitality and Commerce Committee Chairman Frank Pallone, D-N.J., penned a letter to Biden on June 30, saying an oil export ban would "assist lessen charges at the pump listed here at household." He included that crude oil exports provide to enhance the income of fossil fuel businesses, but do not lower purchaser selling prices.

President Biden shakes hands with White House main of employees Ron Klain alongside Secretary of Vitality Jennifer Granholm on June 30, 2021.  (Saul Loeb/AFP by using Getty Photos)

Senate Democrats have manufactured identical arguments, urging Biden in November to get a ban on oil exports. They have also introduced legislation that would enact a ban.

"Reinstating the oil export ban would secure American people, alternatively than pumping up Major Oil’s gains," Sen. Ed Markey, D-Mass., said previous year soon after reintroducing the Block All New Oil Exports Act alongside Sens. Jeff Merkley, D-Ore., Ron Wyden, D-Ore., and Bernie Sanders, I-Vt.

In their letter Tuesday, McCarthy, McMorris Rodgers and the other Republicans also blamed the Biden administration for high power costs that have hit consumers above the final year. The common rate of gasoline strike a record superior of $5.02 a gallon in June in advance of falling by about 70 cents for every gallon, AAA information confirmed.

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"We are deeply concerned that your anti-fossil fuel agenda, which includes any try to impose a ban on American oil exports, destroys the policies that permitted the United States to grow to be the world’s major oil producer and furnished the American people today with substantially additional economical and reliable strength materials," they wrote.

The White Property did not promptly respond to a request for remark.