Speaker Ryan: End Of Oil Export Ban Is Like 'Having 100 Keystone Pipelines'

The construction of TransCanada Corporation (NYSE: TRP)'s Keystone XL Pipeline was controversial and politically polarizing with Republicans mostly in favor of the pipeline and Democrats mostly against the construction.

Meanwhile, U.S. Congress recently voted to permanently lift its 40-year-old ban on oil exports - to the delight of Speaker Paul Ryan (R-Wis.).

"We think we got good victories for the energy markets. Having the oil export ban lifted permanently, it's like having 100 Keystone pipelines," The Hill quoted Ryan as saying. "We think it's good foreign policy, it's good for American jobs. Some estimates say it could create as many as 1 million jobs when it's all said and done right here in America."

The House leader also noted that strong oil exports from the US will have negative impacts on energy superpowers that are also rivals to the US, such as Russia and several gulf countries.

Despite Ryan's optimistic commentary, The Hill pointed out that the U.S. Energy Information Administration said that little oil, if any, will likely be exported for years as oil prices have recently plummeted to multi-year lows.