U.S. House to hold hearing on oil export ban

WASHINGTON (Reuters) – A House of Representatives panel will hold a hearing on Dec. 11 to explore whether a decades-old law that prohibits the export of crude oil makes sense in an era of domestic energy abundance. The House subcommittee on energy and power, chaired by Representative Ed Whitfield, will hone in on the 1975 Energy Policy and Conservation Act, drafted in response to the 1973 oil crisis. The law prohibited the export of most crude oil, created the Strategic Petroleum Reserve and Corporate Average Fuel Economy rules for cars and trucks, also known as CAFE standards. …

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