IPAA Welcomes Senate Passage of Bill that Lifts the Crude Oil Exports Ban

IPAA Welcomes Senate Passage of Bill that Lifts the Crude Oil Exports Ban

WASHINGTON, D.C. – Independent Petroleum Association of America (IPAA) President and CEO Barry Russell thanked the U.S. Senate for passing with a bipartisan vote of 65-33 legislation that sets federal spending levels for the Fiscal Year 2016, which includes a provision that lifts the outdated trade restrictions on U.S. crude oil exports. This is a priority for America’s independent producers who drill 95 percent of the nation’s oil and natural gas wells and produce the majority of America’s crude oil.

“The United States is producing more energy than ever before, with production at its highest levels in decades. The ability to export surplus U.S. crude oil is a much needed shot in the arm for America’s producers and the economy and will generate significant savings for American families and consumers.

“The more turmoil occurs around the world, the more our friends and allies are looking to the United States to be a stable supplier of energy. To strengthen our nation’s energy future, America must have policies in place that reflect modern energy markets, rather than policies based on a market that existed in the 1970s.

“IPAA thanks Senators on both sides of the aisle for their determination on U.S. crude oil exports. We want to especially thank Senate Energy and Natural Resources Committee Chairman Lisa Murkowski (R-Alaska) and Senator Heidi Heitkamp (D-N.D.), authors of standalone legislation designed to lift the oil export ban, for their strong, bipartisan leadership on this critical issue for America’s independent producers.

“We strongly urge President Obama to follow Congress’ lead and sign this legislation into law,” concluded Russell.

Earlier today, the U.S. House of Representatives approved for a third time legislation that included language to lift the ban on American crude oil exports. The funding bill now heads to President Obama’s desk for his signature.

IPAA, its member companies, and its industry partners have made lifting the decades-old restrictions on U.S. crude oil exports the number one priority for 2015.

About the Independent Petroleum Association of America
The Independent Petroleum Association of America (IPAA) is the leading, national upstream trade association representing thousands of independent oil and natural gas producers and service companies across the United States. Independent producers develop 90 percent of the nation’s oil and natural gas wells. These companies account for 54 percent of America’s oil production, 85 percent of its natural gas production, and support over 2.1 million American jobs.

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