Congress Considers Lifting Oil-Export Restrictions

WASHINGTON - JUNE 15: U.S. Sen. Ron Wyden (D-OR) (C) speaks as Sen. Charles Schumer (D-NY) (L) and Sen. Mark Begich (D-AK) listen during a news conference June 15, 2010 on Capitol Hill in Washington, DC. The senators called on BP to abandon its reported plans to set aside billions for a shareholder dividend until it proves it has enough funds to cover liabilities claims from the oil spill disaster in the Gulf of Mexico.  (National Journal)

Congress is likely to take up debate on whether restrictions on U.S. oil exports should be lifted in the near future, according to Bloomberg.

Sens. Lisa Murkowski, R-Alaska, and Ron Wyden, D-Ore., the ranking member and chairman of the Senate Energy and Natural Resources Committee, respectively, both indicated through spokesmen that they would be willing to consider increasing domestic oil exports. Wyden noted, however, that he would only support a rise in shipments of oil to foreign countries if it was clear that American consumers would benefit.

The news comes on the heels of a report by Bloomberg on Wednesday that the largest trade association for the U.S. oil and gas industry, the American Petroleum Institute, is considering a push for expanded petroleum exports.