U.S. Sen. Lisa Murkowski, R-Alaska, today welcomed the House Foreign Affairs Terrorism, Nonproliferation, and Trade Subcommittee's decision to hold a hearing on the importance of ending the 40-year-old prohibition on exporting crude oil from the United States.

“I applaud House members for continuing to shine a spotlight on the security and economic benefits that will accrue to America by allowing crude oil to be freely traded on the world market,” Murkowski said. “Today’s hearing marks the eighth time Congress has reviewed the outdated prohibition on crude oil exports. Lifting the ban will not only strengthen our strategic position in the world, but will also spur economic growth here at home, while allowing increased production that will continue to drive down prices for consumers.”

Murkowski, chairman of the Senate Energy and Natural Resources Committee, testified before the House Foreign Affairs Committee last year on the economic and geopolitical benefits of exporting American crude oil. Last month, the Senate energy panel held a hearing to examine the benefits of ending this outdated energy policy. Murkowski released a report early last year calling for the liberalization of America’s energy trade policies.

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