API applauds push for crude exports

New legislation offered by Senator Heidi Heitkamp will help solidify bipartisan support for lifting 1970s-era restrictions on US exports of crude oil, said API. The bill is cosponsored by Senate Energy and Natural Resources Committee Chair Lisa Murkowski (R-Alaska), who introduced similar legislation last week, as well as Senators Joe Manchin and Bob Corker.

“Bipartisan leadership on this issue keeps the focus on the consumers and workers that will benefit from free trade in crude oil,” said API Executive Vice President Louis Finkel. “Senator Heitkamp’s bill will bring people together and help rally support for America’s growth as an energy superpower.”

“Study after study shows that lifting outdated limits on crude exports will allow America to create more jobs, cut the trade deficit, grow the economy, and put downward pressure on fuel costs. Exports will help keep US production strong in a tough market, and they will provide our allies with an important alternative to energy from less friendly regimes. The benefits are clear, and we applaud Senators Heitkamp, Murkowski, Manchin and Corker for working collaboratively to lift trade restrictions that have far outlasted any reasonable justification.”

API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million US jobs and 8% of the US 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.

Adapted from press release by Hannah Priestley-Eaton

Read the article online at: https://www.worldpipelines.com/business-news/22052015/api-applauds-push-for-crude-exports/