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Easier Oil Export: New Presidential Restrictions

This bill changes when the President can restrict crude oil exports from the United States. Restrictions will only be possible in cases of severe shortages or high oil prices that negatively impact US employment, and after a national emergency is declared. This aims to ensure stable oil supplies and prices, potentially affecting fuel costs and the overall economy.
Key points
The President can only restrict oil exports if the Secretaries of Defense, Energy, and Commerce jointly find specific conditions, and a national emergency is declared.
Restrictions are limited to situations where oil exports cause sustained material shortages or prices significantly above world levels, leading to adverse employment effects in the US.
Other previous grounds for imposing oil export restrictions have been removed, allowing for greater freedom in oil exports.
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Additional Information
Print number: 117_HR_6259
Sponsor: Rep. Arrington, Jodey C. [R-TX-19]
Process start date: 2021-12-14