Oct 9, 2015 IPAA Applauds Bipartisan House Vote Opening the Door to U.S. Crude Exports
WASHINGTON, D.C. – Independent Petroleum Association of America (IPAA) welcomed final passage by the U.S. House of Representatives on bipartisan legislation to lift the trade restrictions on U.S. crude oil exports, which would further enhance our economic and national energy security, strengthen America’s geopolitical standing around the world, and provide meaningful benefits to American families and consumers.
“Crude exports will generate meaningful and long-lasting benefits for American families, U.S. jobs, and our allies abroad,” said IPAA President Barry Russell. “Some critics think exports would only benefit oil companies. This is simply not true. We must look at the broader economic and geopolitical picture.”
Independent study after study confirms that opening access to global crude oil markets will boost economic growth, create more American jobs, lower U.S. gasoline prices, and reduce the influence that foreign powers have over our friends and allies. Even policy experts within the Obama Administration recognize the free trade and geopolitical benefits of crude exports.
“Allowing the export of America’s surplus crude oil would reduce the need for the United States and its closest allies to import oil from volatile regions of the world. Several of our NATO allies in Eastern and Central Europe receive more than 50 percent of their energy supply from Russia, while Japan must continue to rely on Iran for oil. Given the increased security threats facing the U.S. and our allies, it’s time to leverage our abundant energy resources here at home in support of our security interests around the world. Lifting the trade restrictions on oil exports would give America greater foreign policy influence, bolster our trade competitiveness and market access, and would ensure our allies and trading partners have greater access to secure supplies of energy.
“Over the past year, IPAA has advocated extensively on Capitol Hill in support of opening the door to crude exports and providing independent producers competitive access to sell their U.S. oil freely on the world market. We applaud the House of Representatives for taking action and approving this bipartisan bill, which is critical to independent producers. We look forward to working with Senators as this important legislation moves forward,” concluded Russell.
IPAA has made lifting the decades-old restrictions on crude oil exports a top priority. Learn about IPAA’s efforts and get answers to frequently asked questions on this important issue.
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.