A group representing independent petroleum producers is celebrating a recent report on the effects of the United States lifting trade restrictions on surplus crude oil.
Barry Russell, president of the Independent Petroleum Association of America (IPAA), welcomed the release of an independent report by the U.S. Energy Information Administration (EIA) that touted the economic benefits and fuel costs American consumers could save, if the federal government lifted the ban on crude oil exports that dates back to the 1970s.
“Today’s EIA report is a win-win for American energy consumers and energy producers,” Russell said in an Sept. 1 statement. “By lifting the four-decades-old ban on U.S. crude oil exports, Americans would see an increase in American energy production, which would in turn grow our economy, create good-paying American jobs and help lower gasoline prices for hardworking American families.
Lifting the 1970s-era trade restrictions on crude oil exports is a measure the White House could immediately take action on, Russell said, adding that by doing so the United States “would send a strong message to the world that we can produce our own affordable energy resources right here at home,” reducing the need to rely on imported oil from the Middle East.
“In 2014, independent producers helped pave the way for the United States to become the world’s largest producer of oil and natural gas,” he said. “It’s time to move America’s energy renaissance forward and the economic advantages of an energy exports policy for the 21st Century. IPAA strongly urges this Administration and Congress to make this issue a priority this fall and to work in a bipartisan fashion towards a thoughtful, commonsense solution.”
IPAA has been at the forefront of the debate in lifting export restrictions on the United States’ surplus of crude oil, making it a top priority for 2015 and urging both the White House and Congress to lift the ban on crude exports.
Last month, Russell urged further administrative action on U.S. crude exports, after the Obama administration approved a crude oil exchange between the United States and Mexico. Following news of a secured agreement with Iran that would allow Iranian oil to get traded on the world market, Russell questioned why America won’t allow its own companies to do the same with their American-made surplus of crude oil.
Russell sent a letter in July to President Barack Obama urging further administrative leadership on lifting outdated restrictions on U.S. crude oil exports. Russell also sent a letter in June to House Energy and Commerce Committee Chairman Fred Upton (R-Mich.) in support of his comments on U.S. crude oil exports.
IPAA also voiced its support in May for bipartisan legislation authored by Senate Energy and Natural Resources Committee Chairman Lisa Murkowski (R-Alaska) and Senator Heidi Heitkamp (D-N.D.), which seeks to lift the outdated ban on oil exports. For more information on IPAA’s efforts and answers to frequently asked questions on this important issue, visit www.ipaa.org/issues/exports.