House votes to lift crude exports, but Senate outcome less certain
The House passes legislation that would lift the 40-year-old ban on oil exports, giving the oil industry one of its top congressional priorities.But the real test is in the narrowly divided Senate, where stand-alone export legislation is far less likely to advance; in the 261-159 House vote, only 26 Democrats joined 235 Republicans to support the measure, held down by the Obama administration's opposition.
Several oil companies, including Continental Resources (NYSE:CLR), ConocoPhillips (NYSE:COP) and Encana (NYSE:ECA), have been pressing the issue with Congress, arguing that allowing oil exports would eliminate market distortions, create jobs and stimulate more U.S. petroleum production; it also would help companies fetch a higher price on the global oil market.
"An extra dollar or two for the price of our product today is very important because our margins are incredibly squeezed,” says ECA's Doug Suttles.
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