Texas Railroad Commission Chairman David Porter @DavidPorterRRC testified before the U.S. Agriculture Committee on July 8, 2015 on the urgency of lifting the federal ban on crude oil exports. His testimony stressed the link between lifting the ban on crude exports and economic growth. Chairman Porter spoke passionately about the economic impacts of the recent downturn in oil prices in Texas; resulting in mass layoffs and losses in state revenues that support key infrastructure.
Chairman Porter also stated that the crude oil export ban is responsible for the disparity between West Texas Intermediate (WTI), the U.S. pricing benchmark for crude – and the international benchmark, Brent.
For more information, read his full testimony.