Dec 18, 2015 IPAA Praises House of Representatives for its Continued Leadership on Lifting the Crude Oil Exports Ban
WASHINGTON, D.C. – Today, the U.S. House of Representatives approved with a bipartisan vote of 316-113 legislation that sets federal spending levels for the Fiscal Year 2016, which includes an agreement that lifts the outdated trade restrictions on U.S. crude oil exports. Independent Petroleum Association of America (IPAA) President and CEO Barry Russell praised House lawmakers for their continued leadership on this issue, a priority for America’s independent producers who drill 90 percent of the nation’s oil and natural gas wells and produce the majority of America’s crude oil.
“Thanks to investment and technological innovation, America’s crude oil market has moved from one of scarcity to abundance. The current outdated policy of limiting the export of American crude oil must be updated to reflect the realities of today’s modern world. With the loss of 250,000 oil and natural gas jobs this year and with Iran looking to soon re-enter the international oil market, it’s crucial that immediate action be taken to lift the oil exports ban and level the playing field for the economic vitality and sustainability of an American-made industry.
“Allowing American producers to export their surplus of U.S. crude oil would keep our nation’s energy revolution moving forward, strengthening our energy security, and generating significant savings for American families and consumers, according to numerous independent economic analyses – including a study by the Obama Administration’s own U.S. Energy Information Administration. Exports also strengthen America’s credibility and the energy security of our friends and allies by providing an alternative to imports from volatile regions of the world.
“IPAA urges Senators on both sides of the aisle to follow the House’s lead and swiftly pass this critical legislation for our national energy security and continued economic recovery.
“We applaud Speaker of the House Paul Ryan (R-Wis.), Majority Leader Kevin McCarthy (R-Calif.), and Rep. Joe Barton (R-Texas), author of a standalone bill designed to lift the oil export ban, for their bipartisan leadership on this critical issue for America’s independent producers,” concluded Russell.
The House of Representatives passed in October bipartisan legislation to lift the ban on U.S. crude oil exports. Earlier this month, lawmakers again sent a clear signal by approving a measure to lift the exports ban as part of a broader bipartisan energy package aimed to update America’s energy strategy. Today’s funding legislation now heads to the Senate for consideration.
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.