In 1975, the United States government enacted limitations on the export of crude oil to prevent exposure to a volatile world market. Today, with the advancement of innovative technology, America’s energy industry is booming. The United States has surpassed Saudi Arabia and Russia as the world’s largest producer of oil and natural gas. However, the laws that governed America’s crude oil exports were outdated. By lifting the federal ban on oil exports, the United States will see increased investment in free trade, economic growth, new American jobs, and a reduced need for importing foreign oil from the Middle East. For more than a year, IPAA, its member companies, and its industry partners strongly urged the Obama administration and Congress to facilitate the ability to export crude oil based on national policy interests. On December 18, 2015, President Obama signed into law legislation funding the federal government, which included a provision that lifted the restrictions on U.S. crude oil exports.
Learn more on what IPAA is doing on the issue of crude oil and natural gas exports below: