WASHINGTON, D.C. --- Congressman Leonard Lance (NJ-07) released the following statement today applauding House passage of H.R. 702, a bill to lift the 40-year-old ban on crude oil exports:

“It makes no sense that Iranian oil will soon be permitted to flow but American-made energy is left untapped.  Today’s bipartisan action in the House of Representatives will put an end to the outdated restrictions on the export of U.S. oil.  Allowing American oil exports into the world markets will create and protect tens of thousands of U.S. jobs, enhance our national security and help keep prices at the pump affordable for all consumers across the country. American energy brings growth, prosperity, security and independence to the United States and our allies.   Our Nation should counter Iran and make thousands of U.S. jobs in the process,” said Lance, a member of the Energy and Commerce Committee where the legislation originated.

The bipartisan measure comes on the heels of the President’s nuclear agreement with Iran which lifts sanctions on its sale of oil.  Without H.R. 702, Iranian oil will now be legal on the global markets while American-made energy remains under the decades old ban.  The ban on the exporting of crude oil from the United States is 1970s policy back when the national was at the height of its energy crisis.  Several independent, non-partisan studies have found that allowing the United States to export crude oil will create American jobs, put downward pressure on gasoline prices and enhance our national security.  The Obama Administration’s Energy Department found that in the United States gasoline prices would be positivity affected by an increase in global supply by the addition of American oil.

“The President will have a decision to make.  Sign the legislation and deliver a win for American jobs and our allies around the world or issue a veto and let Iran lead the world’s energy markets,” concluded Lance.