API calls for action to lift 70s-era crude export restrictions

WASHINGTON, July 9, 2015 ─ API urged lawmakers to quickly chart a bipartisan path forward during today’s House hearing on legislation to lift America’s outdated ban on crude oil exports.
  
“Crude exports could generate immediate and long-lasting benefits for U.S. workers, for U.S. consumers and families, and for our allies abroad,” said API Executive Vice President Louis Finkel. “Bipartisan momentum is stronger than ever, and lawmakers should seize this opportunity to cement America’s role as a global energy superpower.
  
“Study after study has shown that exports will incentivize higher domestic production, create more U.S. jobs, put downward pressure on gasoline prices, and reduce the power that foreign suppliers have over our allies. Last month, a report from Harvard Business School confirmed that the ban is ‘reducing U.S. growth, with no clear offsetting benefits for America or Americans.’
  
“We applaud the bipartisan efforts of leaders in Congress who are ready to send a signal of strength to our allies abroad, and we urge House and Senate leaders to make this a top priority.”
  
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.