U.S. Senate

Ending the U.S. oil export ban is an empty gesture

Both the House and Senate are considering measures that would lift a ban on the export of U.S. crude oil that has been in place since 1975, the height of the Arab oil embargo. Ending the 40-year prohibition may seem counter-intuitive in an era of global supply glut and collapsing prices. For oil producers and lawmakers from oil-producing states, repeal is seen as a way to find new markets for American energy and bring back jobs to districts that have been hard-hit by the excess supply. While many Republicans, including presidential candidate Jeb Bush, have come out in favor of the idea, most Democrats, including President Barack Obama, are lukewarm, if not opposed. Presidential candidate...