The American Petroleum Institute urged the U.S. House of Representatives to consider ways to move toward lifting U.S. trade restrictions on crude oil this year during the House’s Energy & Commerce Committee hearing about 21st century energy markets.
“The U.S. energy revolution has transformed the global landscape, creating countless economic opportunities for American workers and consumers,” said API Executive Vice President for Government Affairs Louis Finkel. “To continue growing as an energy superpower, America must have policies that reflect modern energy markets, rather than policies based on a market that existed in the 1970s. Study after study shows that free trade in crude oil will mean more jobs, downward pressure on fuel costs, and could reduce the power that foreign suppliers have over our allies overseas.”
The hearing, “21st Century Energy Markets: How the Changing Dynamics of World Energy Markets Impact our Economy and Energy Security,” held March 3, examined U.S. energy outlook and the effects of relatively lower oil prices on the U.S. economy, energy security, and foreign diplomacy; International competitiveness of U.S. energy supplies; and Federal polices implicated by the changing dynamics of world energy.
“Today’s hearing is not the first to explore U.S. energy exports, but it marks a fresh opportunity for a new Congress to move quickly this year and harness the wide-ranging economic benefits free trade. Our competitors overseas are working hard to lock-in their economic advantages as exporters, and we must act now to ensure U.S. producers can compete effectively for a share of the global market,” Finkel said. “It’s the smart thing to do for U.S. consumers, for U.S. workers, and for the energy security of America and its allies.”
“The consensus among policy experts, economists, and analysts is overwhelmingly in favor of exports, and we’re sharing that information with API’s extensive grassroots network to ensure that lawmakers hear from their constituents,” Finkel said. “The Senate has already scheduled their next hearing on exports, and we’re optimistic that this issue will continue to gain bipartisan momentum in the months ahead.”