Ryan: Oil exports win like ‘100 Keystone pipelines’

Speaker Paul Ryan (R-Wis.) is touting the end of the oil export ban, comparing Congress’s vote to lift the restriction to building the Keystone XL pipeline 100 times.

Speaking Tuesday evening with conservative talk show host Hugh Hewitt, he listed oil exports as one of the top victories during his short time leading the House so far, and compared exports’ impact on oil markets to the controversial pipeline that President Obama blocked last month.

{mosads}“We think we got good victories for the energy markets. Having the oil export ban lifted permanently, it’s like having 100 Keystone pipelines,” Ryan said.

The House leader highlighted what he said would be positive results from oil exports in terms of jobs and foreign policy while pointing to their negative impacts on energy superpowers like Russia and Middle Eastern nations.

“We think it’s good foreign policy, it’s good for American jobs,” he said. “Some estimates say it could create as many as 1 million jobs when it’s all said and done right here in America.”

Congress voted last week to permanently lift the 40-year-old ban on oil exports as part of a large end-of-year government-spending package.

Keystone, which was planned to run from Canada’s oil sands to Gulf Coast refineries, would have had a peak capacity of 830,000 barrels of oil per day. It was forecast to create thousands of temporary construction jobs, but only 35 permanent ones.

Nonetheless, Keystone was a top energy priority for Republicans, who saw it as a way to bring in more oil from a friendly ally.

The impact of oil exports is more disputed, though; with worldwide prices at a seven-year low, the Energy Information Administration said little oil, if any, is likely to be exported for years.