News Column

Menendez Against Easing Ban on Oil Exports

December 18, 2013

Staff Reports -- HispanicBusiness.com

Senator Robert Menendez

Sen. Robert Menendez, D-N.J., is asking President Obama to reconsider his plans to ease the ban on exporting domestically produced crude oil.

In a letter to Mr. Obama, Mr. Menendez addresses the recent comments made by Energy Secretary Ernest Moniz, who said the oil export ban was outdated.

"There are lots of issues in the energy space that deserve some new analysis and examination in the context of what is now an energy world that is no longer like the 1970s," Mr. Moniz said at the Platts Global Energy Outlook forum in New York last week, according to the New York Times.

In the letter, Mr. Menendez writes: "We must continue to keep domestically-produced crude here to lower prices for consumers, while aggressively working towards clean and renewable alternatives. Allowing for expanded crude exports would serve only to enhance the profits of Big Oil, and could force U.S. consumers to pay even more at the pump."

This isn't the first time Mr. Menendez has addressed concerns about big oil companies or the price of oil. In February 2013, he reintroduced legislation that would repeal tax subsidies for the "Big 5" oil companies -- BP, Exxon, Shell, Chevron and ConocoPhillips.

Mr. Menendez also introduced the American Oil for American Families Act, which would ban the exportation of crude oil or refined petroleum products derived from federal land, and for other purposes, according to govtrack.com.

"Crude oil that is produced in the U.S. should be used to lower prices here at home, not sent to the other side of the world," Mr. Menendez said in a statement.



Source: HispanicBusiness.com (c) 2013. All rights reserved.


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