In the wake of a diplomatic agreement that will dramatically expand Iranian access to global oil markets, the White House on Tuesday said that it opposes legislation to give American oil companies that same access.
White House press secretary Josh Earnest told reporters on Tuesday that the White House opposes House legislation that would lift the 40-year ban on U.S. oil exports.
"This is a policy decision that is made over at the Commerce Department, and for that reason we wouldn’t support legislation like the one that’s been put forward by Republicans," Earnest said.
A vote on the legislation is expected in the coming weeks, the Wall Street Journal reports.
House Majority Leader Kevin McCarthy (R., Calif.) is expected to announce the vote, being scheduled for the last week of September, at a Tuesday speech before the Houston-area Chamber of Commerce. While the legislation is likely to pass the GOP-controlled House, its prospects in the Senate are less clear, and the White House said it opposes it.
"If there was ever a time to lift the oil export ban, it’s now," Mr. McCarthy plans to say in Houston, according to prepared remarks. "Lifting the oil export ban will not only help our economy, it will also bolster our geopolitical standing."
Under a recently codified nuclear agreement, Iranian oil exports are expected to increase by as much as a million barrels per day, according to the U.S. Energy Information Administration.