Congress Mulls Lifting the Export Ban

U.S. Senators in favor of lifting the 40 year old ban on oil exports are facing a challenge. Senator John Hoeven, North Dakota Republican wants the ban lifted to keep the U.S. oil boom alive, but comments that the bill may need to be attached to wider legislation to pass the Senate. The House of Representatives similar bill, sponsored by Joe Barton, a Texas Republican, is expected to pass soon with little opposition. The White House announced on Tuesday (Sept 15) that President Obama does not support the House version of the bill. A spokesperson for Eurasia Group, a political risk research company said of the Senate, “Democrats aren't going to agree to lift the ban unless Republicans are in a deal-making mood, and there is little evidence this is the case." Eurasia gives the bill a 30% chance of passing the Senate in 2015.