May 19, 2015 IPAA Voices Support of Bipartisan Senate Bill on Crude Oil Exports
Six Organizations: Exports Would Reduce Pressure on the Price of Gasoline in U.S.
WASHINGTON, D.C. – The Independent Petroleum Association of America (IPAA) and a coalition of energy trade associations sent a letter to Senator Heidi Heitkamp (D-N.D.) and Senate Energy and Natural Resources Committee Chairman Lisa Murkowski (R-Alaska) in support of their bipartisan legislation, the “American Crude Oil Export Equality Act,” which was introduced in the Senate today. The legislation seeks to lift 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.
“On behalf of the Nation’s oil industry, we applaud the bi-partisan introduction of the ‘The American Crude Oil Export Equality Act,’ which would strengthen America’s economy, increase domestic employment and enhance our nation’s geopolitical standing around the world through the lifting of the 1970s era prohibition on the export of domestic crude oil,” the coalition wrote in the letter.
“American workers in every state—employed both within and outside the oil industry—stand to benefit as oil exports will increase the nation’s GDP and stimulate economic activity in every state. As has been concluded by the range of expert analyses performed on the issue, including those by EIA, GAO, and CBO, exports of American oil will increase world supply and place downward pressure on the price of both crude oil and refined petroleum products such as gasoline sold in this country—a major win for energy consumers. Putting American oil on the world market will increase global oil supply and reduce price volatility in global oil markets, and that stability will enhance our national security and our relations with our allies and trading partners who are eager to access secure alternative energy supplies to reduce their dependency on hostile and unfriendly sources.”
The coalition letter supporting the bipartisan Senate bill was signed by the Independent Petroleum Association of America, U.S. Chamber of Commerce, U.S. Oil and Gas Association, Producers for American Crude Oil Exports, American Exploration and Petroleum Council, and American Petroleum Institute.
IPAA thanks Sens. Heitkamp, D-N.D., Murkowski, R-Alaska, Manchin, D-W.Va., and Corker, R-Tenn. for their leadership as original co-sponsors of this important legislation.
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.