API welcomed progress by House lawmakers on legislation to lift 1970s-era restrictions on crude oil exports. A bipartisan bill to lift the ban, H.R. 702, was approved Sept. 10 by the House Energy and Commerce Subcommittee on Energy and Power.
“America is now a global energy superpower, and lawmakers are ready to bring home the economic and security benefits of crude oil exports,” said Louis Finkel, API’s executive vice president for government affairs. “Study after study has shown that opening our doors to free trade will put downward pressure on fuel costs, create U.S. jobs, and improve our ability to compete with other suppliers, like Iran and Russia. Just last week, the U.S. Energy Information Administration confirmed that crude exports could yield savings for American consumers.
“As lawmakers consider a deal that would put Iran’s crude on the global market, this vote would put U.S. producers on a level playing field. It’s an important step forward, and we urge House and Senate leaders to continue to make this issue a top priority in the days ahead.”
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 25 million Americans.