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U.S. House Votes To End Oil-Export Ban

The U.S. House of Representatives has voted to support a bill that would end the country's ban on exporting oil.

Twenty-six Democrats joined the Republican majority to pass the measure on October 9, despite a pledge from President Barack Obama to veto the bill if it is passed by both houses of Congress.

It is unclear how the Senate will vote on the measure.

The ban on exporting oil was imposed in the 1970s when an Arab-world oil embargo led to a sharp rise in gasoline prices in the United States. Opponents of the export ban say that the current boom in U.S. oil and natural-gas production means the export ban is outdated.

Further, they argue, exporting oil could boost U.S. relations with its allies and economically weaken countries like Russia, Iran, and Venezuela.

The Obama administration says a decision on ending the ban should be made by the commerce secretary and has urged Congress to focus on efforts to transition the United States to a low-carbon economy and to end lavish government subsidies to oil companies.

Based on reporting by AP and Reuters