Obama lifts export ban of crude

API President and CEO Jack Gerard said the president’s decision to end the ‘70s era crude export ban will benefit consumers and enhance our energy security.

“This is the start of a new era for US energy,” said Gerard. “Ending the decades-old ban on crude exports is a huge win for consumers, jobs, the economy and our energy security. We are bolstering America’s status as an energy superpower. US producers will now be able to compete in the global oil market and consumers will reap the benefits. Studies show lifting the ban would lower gas prices by up to 12 cents per gal.

“Our allies are also cheering. Instead of being dependent on oil from unfriendly nations, they’ll now be able to buy stable, reliable American-made energy.”

API applauded the efforts of all those who supported passage of this legislation.

Edited from source by Stephanie Roker

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