New Ads: Economic, Security Reasons to Lift Crude Exports Ban

Click here for the ad that underscores the job and economic reasons for lifting the ban. The television and online campaign launched this week in a dozen states – including Colorado, Florida, Illinois, Pennsylvania and Virginia – and the District of Columbia. The campaign is part of a broader push emphasizing the importance of updating U.S. energy policies to reflect America’s rise as a global energy superpower. Louis Finkel, API executive vice president for government affairs:

“We’re speaking directly to the consumers and workers who will benefit from lifting these outdated trade restrictions. The House and Senate are considering bipartisan legislation to lift the ban, and it’s important to share the facts on how free trade in oil could create new jobs, put downward pressure on fuel costs, and strengthen our energy security.”

Lifting the export ban is a critical piece of bringing U.S. energy policies into a new era of American energy abundance, which has seen the U.S. become the world’s leading producer of oil and natural gas. A number of studies, including a new one issued last week by the U.S. Energy Information Administration, have found that U.S. crude can be exported without negatively affecting consumers. In fact, most research has found that exports would put downward pressure on U.S. gasoline prices, with savings ranging from a penny per gallon up to 12 cents per gallon.

In addition, studies have projected that exports would stimulate domestic production as significant volumes of U.S. oil, shut-in by the export ban, gain access to the global marketplace. The status quo is an obstacle to production and American competitiveness, denying the benefits of trade from exporting crude to the United States and energy support to our friends overseas. Finkel:

“Study after study … shows that allowing U.S. oil exports could benefit consumers and sharpen America’s competitive edge. And our allies around the world are eager to reduce their reliance on less friendly nations. As lawmakers consider a deal that would put Iran’s crude on the global market, it’s worth asking why U.S. producers don’t yet have that same access to customers abroad. Now is the time to act, and we appreciate the efforts of leaders in Congress who are pushing to quickly harness America’s economic and diplomatic potential as an energy superpower.”