Lifting crude export ban will benefit consumers and enhance U.S. energy security

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Dec 18, 2015, 11:07 ET

WASHINGTON, Dec. 18, 2015 /PRNewswire-USNewswire/ -- American Petroleum Institute President and CEO Jack Gerard thanked House members who voted to end the 40 year old crude oil export ban.

"Today was a big win for the American people that made history with a strong bipartisan vote. House lawmakers showed leadership by strengthening our nation's energy future," said Gerard. "We now look to the Senate to follow suit. Lifting the crude export ban will lead to job creation, economic growth, improved balance of trade, and help keep downward pressure on gasoline prices for consumers.

"The U.S. is now the world's largest producer of oil and natural gas, and Americans are enjoying an energy renaissance that has produced abundant supplies of domestic energy resources.

"With the administration's push to allow Iran to export its oil to the global market, it's time for U.S. producers to have the same opportunity. Our allies around the world are eager to reduce their reliance on energy from less friendly nations," said Gerard.

API thanked the bipartisan leaders in the House for their efforts to pass this legislation.

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 650 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.

SOURCE American Petroleum Institute