The White H﻿ouse has threatened to veto a House of Representatives bill to lift the ban on oil exports after four decades. A statement issued by the White House urged Congress to instead end federal subsidies to oil companies, which cost billions of dollars a year and instead invest this money in renewable energy projects. Reporting by Roberta Rampton and Timothy Gardner; Editing by Sandra Maler and James Dalgleish A vote is expected in the full House today. In an interview with Fox News Sunday, President Obama said he would not support lifting the export ban. However, ﻿﻿critics of lifting the ban argue that it would increase drilling, cause more damage to the environment and harm jobs in refining and ship building industries.
The White H﻿ouse has threatened to veto a House of Representatives bill to lift the ban on oil exports after four decades. A statement issued by the White House urged Congress to instead end federal subsidies to oil companies, which cost billions of dollars a year and instead invest this money in renewable energy projects. A vote is expected in the full House today. In an interview with Fox News Sunday, President Obama said he would not support lifting the export ban. However, ﻿﻿critics of lifting the ban argue that it would increase drilling, cause more damage to the environment and harm jobs in refining and ship building industries.