Oil producers call for lifting export ban after Iran deal

The oil industry is pushing Congress to lift the decades-old ban on American crude oil exports to help producers cope with the implications of a nuclear deal with Iran.

On Tuesday, the Obama administration announced the landmark deal, which will allow a series of economic and export sanctions on Iran to end in exchange for the country rolling back its nuclear program.

That means Iran could soon begin exporting more oil than it is now. The Wall Street Journal reported this month that Iran would look to double its oil exports after the sanctions are lifted.

The American oil industry said Tuesday that crude oil producers in the U.S. should be able to join the international market as well.

“Once oil sanctions on Iran are lifted, today’s deal will soon put America’s oil producers at a competitive disadvantage on the global marketplace,” Independent Petroleum Association of America President Barry Russell said.

(By Devin Henry, The Hill)