Lafayette’s Daily Advertiser reports that “Congressional action this week is pushing the U.S. closer to lifting the nation’s 40-year ban on exporting crude oil, an effort that may benefit the oil and gas industry in Louisiana”:
House Majority Whip and U.S. Rep. Steve Scalise, R-Metairie, is citing studies that say lifting the ban would create some 5,400 new jobs in the state, as the omnibus bill that holds the end to the ban wends its way through the congressional process this week. Scalise is gathering support among Republicans for the measure. “Studies indicate lifting the ban would generate more than 5,000 jobs in Louisiana and an estimated 1 million across America, add nearly $300 million to Louisiana’s economy and $170 billion annually to our GDP,” Scalise said. “This will also lower prices at the pump by as much as 13 cents per gallon and produce an additional 1 million barrels daily if this ban goes away. For too long, this bad policy has been holding back economic opportunities for our job creators.”