HOUSTON (ICIS)--The US House of Representatives voted on Friday to approve a bill that will lift a 40-year-old ban on the export of crude oil.

The House voted 261-159 in favour of HR-702, a bill that revokes the existing crude oil export ban provision in the 1975 Energy Policy Conservation Act.

The ban followed the 1973 Arab-Israeli War and a boycott by Arab oil-producing nations on selling crude to the US.

Lawmakers approved a number of amendments, including one that noted that by investing in clean energy technology, the US will lower energy prices, reduce emissions and increase national security.

Members also voted to approve an amendment that will require a study on the net greenhouse gas emissions that will result from repeal of the crude oil export ban.

However, the House rejected an amendment that would have cut the bill’s funding for certain maritime shipping companies.

The bill was supported by a majority of Republicans, and also received some support from Democrats. However, a majority of Democrat members still oppose lifting the export ban.

Earlier in the week, the White House released a statement expressing strong opposition to lifting the export ban. In the event that the bill passes a House vote, the administration said President Barack Obama likely will veto the bill.

Advocates of HR-702 argue that as the US is now among the top oil-producing nations in the world, the export ban no longer makes sense.

The American Petroleum Institute (API) welcomed the vote result, and said lifting the ban would save consumers billions of dollars and create jobs.

“Lawmakers are ready to harness those benefits, and today’s vote shows that bipartisan momentum is stronger than ever,” said Jack Gerard, API president and CEO.

“We are eager to see this bill taken up in the Senate, where members of two committees have already endorsed efforts to lift the 1970s-era ban on crude exports. The time to act is now.”

American Fuel & Petrochemical Manufacturers (AFPM) president Chet Thompson said that the organisation did not oppose lifting the ban on crude oil exports.

“Having acted today, we hope the House now turns its attention to repealing other free market barriers, particularly the Renewable Fuel Standard,” Thompson said.

The United Steelworkers union (USW) previously criticised lifting the ban, saying the move would threaten energy security, affordable gasoline prices and refinery jobs.

HR-702 will now go before the Senate for a vote. If it passes, it will then go to the president’s desk for approval.

Image: The US Capitol building in Washington DC. (John Greim/REX Shutterstock)