As oil prices “tank” (ahem) due to oversupply (thanks fracking!), the divestment movement chugs along, inflating the carbon bubble. This is all bad news for Big Oil. Feeling the pinch, the oil companies have come up with a brilliant idea for restoring lost revenue: Get the Congress (which it happens to own) to repeal the crude oil export ban, which has been in place since 1975. They’ve mounted a full court press in Washington, and Republicans in the House and key senators in oil states are going along.
Just as American tobacco companies shifted much of their focus to exports as smoking lost favor in the US, the oil companies figure that foreign sales will keep them afloat as we move away from fossil fuels. Of course, greenhouse gas emissions will continue as the money flows in. For those of us rejoicing over the passage of SB 350, this would be two steps forward, three steps back.