House Republican: Funding bill lifts ban on crude oil exports

An oil pumpjack operates near Williston, North Dakota.
Andrew Cullen | Reuters

U.S. House Republicans plan to file a government funding bill on Tuesday night that will include a provision lifting the U.S. ban on crude oil exports, congressman Reid Ribble said.

"The oil export ban is lifted," Ribble said.

'US balance sheets are in their best shape since WWII'
'US balance sheets are in their best shape since WWII'

Ribble, a Wisconsin Republican, also said the spending bill will include tax credits for wind and solar power but they are temporary and expire in several years.

"The tax credits on wind and solar go down each year until they expire," Ribble said after a Republican caucus meeting. These credits were requested by Democrats.

Europe ends sharply up on oil price recovery

There was also an agreement on a permanent research and development tax credit, according to Republican Representative Ann Wagner of Missouri.

She said the bill will include a two-year delay to the "Cadillac tax" on high-cost health plans and the medical device tax would also be postponed for two years.

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