House leader Boehner to support axing U.S. oil export ban: sources

WASHINGTON (Reuters) – U.S. House of Representatives Speaker John Boehner will for the first time express his support on Wednesday for repealing the 40-year-old ban on domestic exports, two industry sources said.

Boehner is scheduled to hold a news conference on Wednesday on legislation the chamber will deal with after the August recess.

U.S. oil producers hope Congress will repeal the trade restriction, which they say has led to an oil glut that threatens to choke the drilling boom. A bill introduced by Representative Joe Barton, a Texas Republican, this year has more than 100 co-sponsors.

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