Sep 10, 2015 IPAA Commends House Subpanel for Advancing U.S. Crude Exports Legislation
WASHINGTON, D.C. – Today, the Independent Petroleum Association of America (IPAA) applauded lawmakers on the House Subcommittee on Energy and Power for approving by voice vote a bipartisan bill designed to lift outdated trade restrictions on United States crude oil.
“Today’s House Subcommittee vote is a significant first step toward lifting the 40-year-old trade restrictions on America’s energy surpluses,” said IPAA President and CEO Barry Russell. “By lifting the outdated crude exports ban, we have the opportunity to spur additional investment and economic growth, create and protect American jobs, and provide meaningful benefits to American consumers and our national energy security. More importantly, lifting the exports ban would send a strong message to the world that we can produce our own affordable energy right here at home, reducing our need to rely on imported foreign oil from the Middle East.
“IPAA applauds the House Subcommittee on Energy and Power and bill sponsor Rep. Joe Barton (R-Texas) for their efforts on this critical issue for independent producers. IPAA will continue to work with lawmakers and the Obama Administration on advancing thoughtful, commonsense solutions on U.S. crude oil exports.”
IPAA has made lifting the decades-old restrictions on crude oil exports a top priority and has strongly urged the White House and Congress to #LiftTheBan. IPAA President Barry Russell called the federal government’s recent Energy Information Administration report touting the fuel cost savings and economic benefits of repealing the crude exports ban a win-win for America’s energy consumers and producers. Last month, Russell called for further administrative action on U.S. crude exports, after the Obama Administration approved a crude oil exchange between the United States and Mexico. Following news of a secured agreement with Iran that would allow Iranian oil to be traded on the world market, Russell questioned why America won’t allow our own companies to do the same with their American-made oil. Russell sent a letter to President Barack Obama in July urging further administrative leadership on lifting outdated restrictions on U.S. crude oil exports. Earlier this summer, Russell commended House Energy and Commerce Committee Chairman Fred Upton (R-Mich.) for his remarks in support of U.S. crude oil exports. IPAA also voiced its support in May for bipartisan legislation authored by Senate Energy and Natural Resources Committee Chairman Lisa Murkowski (R-Alaska) and Senator Heidi Heitkamp (D-N.D.), which seeks to lift the outdated ban on oil exports. For more information on IPAA’s efforts and 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 95 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.