API calls out ‘blind spot’ in U.S. trade policy on energy

WASHINGTON, April 2, 2015 ─ A new federal report on barriers to “made-in-America exports” fails to consider restrictions on liquefied natural gas (LNG) and 1970s-era limits on U.S. crude oil, said API.
 
“The White House is focused on trade barriers overseas, but some of the worst limits on U.S. exports are imposed by our own outdated policies,” said API Executive Vice President Louis Finkel. “We can’t call for our allies to open their doors to trade while closing our own. Study after study shows that free trade in crude oil would promote the creation of U.S. jobs, put downward pressure on fuel costs, and strengthen America’s diplomatic influence overseas. At the same time, dozens of LNG export terminals could wait years for permits.
 
“The U.S. Trade Representative says that exports are central to the president’s economic agenda, but some policymakers seem to have a blind spot when it comes to energy.
 
“Our growth as a global energy superpower has been a game-changer for U.S. energy security. We can’t expect that growth to continue if our own trade polices stand in the way. Free trade will allow U.S. producers to compete effectively for a share of the global market while helping diminish the influence of nations that use energy as a tool against our allies.”
     
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 30 million Americans.