This bill would repeal restrictions on the export of coal, petroleum products, natural gas, and petrochemical feedstocks through amendments made to the Energy Policy and Conservation Act. Crude oil prices — specifically those of light, sweet crude — have recently dipped to near $40 per barrel, which is close to a six-year low, after prices hovered near or above $100 per barrel from 2011 through 2014 following a peak near $140 per barrel in 2008.
The export ban on materials or equipment used in the exploration, production, refinement, or transportation of energy supplies, or for the construction of energy facilities in the U.S. would also be repealed. Under this bill, federal officials would also be prohibited from imposing or enforcing a restriction on the export of crude oil.
Within 120 days of this bill’s enactment, the Secretary of Energy would be directed to conduct a study on the appropriate size, composition, and purpose of the Strategic Petroleum Reserve. This study would be handed over to the House Committee on Energy and Commerce, and the Senate Committee on Energy and Natural Resources.