Jun 3, 2015 IPAA: Lifting the Restrictions on U.S. Crude Exports a Top Priority
WASHINGTON, D.C. – Today, Independent Petroleum Association of America (IPAA) President Barry Russell sent a letter to House Energy and Commerce Committee Chairman Fred Upton (R-Mich.) in support of his recent comments on U.S. crude oil exports at Tuesday’s Subcommittee hearing. IPAA has long-supported lifting the 1970’s ban on U.S. exports of crude oil, which is critical for U.S. energy security, economic growth, increased investment in free trade, and new American jobs.
“American families in every state stand to benefit as crude exports will increase the nation’s Gross Domestic Product and stimulate economic activity across the country. Adding a surplus of America’s crude oil into the global market would reduce market volatility, stabilize oil prices that are set by the global market, and therefore help lower U.S. gasoline prices, which are based on international oil prices,” wrote IPAA President Barry Russell.
“Numerous independent economic studies have confirmed the widespread benefits of crude oil exports. By lifting the outdated exports ban, the United States would see more good-paying American jobs, reduced pressure on gasoline prices, increased investment in free trade, economic growth, and a diminished need for imported foreign oil from volatile regions of the world, all while reducing the national trade deficit.
“With such significant implications, IPAA and its member companies have made removing the restrictions on U.S. crude oil exports a top priority this Congress. We look forward to working with you in the coming months on advancing thoughtful, commonsense decisions on crude oil exports that are based on national policy interests.”
Click here to read the entire letter.
IPAA and its member companies have made removing the restrictions on U.S. crude oil exports a top priority this Congress. In January 2013, IPAA organized a Crude Oil Exports Working Group, which is comprised of numerous large and small American energy companies and is charged with educational outreach and advocating for U.S. crude oil exports. For more information on IPAA’s efforts and answers to common 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 oil and natural gas producers that drill 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.