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If ConocoPhillips, Big Oil Win Export Vote, Expect Higher Gas, Oil Prices


NEW YORK ( The Deal) -- A bill that would lift the 40-year-old ban on exporting U.S. crude oil, is expected to hit the floor of the House of Representatives for a vote on Friday, where the Republican majority will probably approve it. Bill HR 702 will then go on to the Senate, maybe with some wind and solar tax credit extensions tacked on to help it to pass muster with Democrats -- and President Barack Obama.

If it doesn't pass this year, the legislation would likely be up to whomever wins the 2016 presidential election.

The bill has been met with a lot of vitriol from opponents. Rep. Kathy Castor, D-Fla., called it an "unconscionable giveaway to Big Oil," saying East Asian countries, primarily China, would be the biggest beneficiaries, not the European allies of the U.S., as has been billed.
Rep. Rick Nolan, D-Minn., said lifting the ban would shut down American oil refineries, putting hundreds, if not thousands, of Americans out of work, and cut oil and gas supplies in the U.S., which would raise prices at the gas pump. "The only beneficiaries would be the big oil companies," he said. "The losers would be everyone else."

If it's approved, which some pundits expect, it would obviously benefit the large oil companies that have been lobbying for it the most, including ConocoPhillips (COP - Get Report) , Continental...