News : Economy

U.S. bill calls for increased US oil production to displace Iranian oil

The Hill - Sen. James Inhofe (R-Okla.) will introduce legislation Wednesday calling for increased drilling on U.S. federal lands to displace Iranian oil on the world market, according to a copy of the bill obtained by The Hill.
The bill requires the president to establish enough “Iranian Oil Replacement Zones” on federal lands to produce 1.25 million barrels of oil per day — approximately the amount Iran exports every day.

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