December 16th, 2015 09:04 AM
The United States cold be on the verge of lifting the 40 oil export ban in place since the Arab oil embargo days. And although Democrats have control of the Executive Office, Barrack Obama could be forced to sign the deal because it is part of the 2016 budget and will start a "Government Shutdown Fight" if he pulls out the veto pen.
On the other hand, there is a very high chance that the bill wont be able to be stopped by Obama because there could be a 60 vote majority in the Senate. This would override Obama's opinion and bombastic opposition to fossil fuels and render his veto pen useless. The reason for the democratic support behind this bill is because of subsidies for solar, wind and other technology that costs too much is embedded in the bill.
What democrats don't understand is, solar panels take 30 years to pay off but only last 10 due to being outside in the elements all the time. Of course, every home owner in America would absolutley love to turn their home into their own power plant, the problem is, the price must come down substantially. The other problem with solar is that there is no sun at night. This makes solar panels less efficient because you are headed right back to the power company to keep your home warm and light on at night.
As far as oil goes, because the market is so saturated with Saudi oil, the US opening exports will most likely not effect the overall price per barrel. However, there is a really good chance that other countires like Japan will be waiting in line to get there hands on U.S. oil which could cause refined gasoline to go down further in price and the everyday consumer will benefit.