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Energy Trade Associations Support Senate Bill Lifting Ban on Oil Exports

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api-logoThe American Petroleum Institute (API), the Independent Petroleum Association of America along with four other energy trade associations have voiced support for the bipartisan bill to lift 1970s-era restrictions on U.S. exports of crude oil.

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Senate Energy and Natural Resources Committee Chairman Lisa Murkowski (R-Alaska) and Senator Heidi Heitkamp (D-North Dakota) introduced Senate Bill 1312, the “Energy Supply and Distribution Act of 2015,” May 13.

“There few policy changes that would bring more value to our domestic economy,” said Louis Finkel, API’s executive vice president. “Supplying energy to our allies will cement America’s future as a global energy superpower, allowing us to produce more energy, create more jobs, cut the trade deficit, grow the economy, and put downward pressure on fuel costs. “

The legislation seeks to lift the 1970’s ban on U.S. exports of crude oil, which is critical for U.S. energy security, economic growth, increased investment in free trade, and new American jobs.

“As representatives of the Nation’s oil industry, we want to express our strong support for your newly-introduced ‘Energy Supply and Distribution Act of 2015.’ Growing U.S. production of shale formation oil and natural gas creates economic opportunities that have not existed for over five decades. Artificial limits on market options could restrict U.S. benefits. Exports have a key role in keeping the development of U.S. production on course,” the coalition wrote in a letter to the sentaors. “Much like the export of gasoline and diesel fuels from American refineries now helps keep refining jobs in America, oil exports will enable the U.S. to invest in more American shale crude development and keep those good jobs here.”

Also in the coalition are the America Exploration & Production Council, the U.S. Chamber of Commerce, the U.S. Oil & Gas Association and the Producers for American Crude Oil Exports. Follow this link to the coalition’s full letter.

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