Oil export ban lifted in exchange for wind credit extension

House Republicans announced a spending bill Tuesday night that would lift the federal 40-year-old ban on oil exports.

The GOP struck a deal with Democrats to get the ban lifted by agreeing to extend a wind production tax credit for five years in a related tax package released at the same time.

Democrats had tried to get the GOP to extend the credits for 10 years or make them permanent, which failed. Behind the scenes, however, lawmakers ended up going for a much more modest extension being pushed by industry lobbyists, say lawmakers.

For Republicans, lifting the 1970s ban has been a key priority, which they believe will increase jobs by opening up U.S. crude oil production to the global market, while bolstering energy security.

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