IPAA Voices Support of Senate Bill on Crude Oil Exports

IPAA Voices Support of Senate Bill on Crude Oil Exports

Six Organizations Tell Senators: Exports Good for Economic Growth

WASHINGTON, D.C. – The Independent Petroleum Association of America (IPAA) and a coalition of energy trade associations sent a letter to Senate Energy and Natural Resources Committee Chairman Lisa Murkowski (R-Alaska) and Senator Heidi Heitkamp (D-N.D.) in support of their bipartisan legislation S. 1312, the “Energy Supply and Distribution Act of 2015,” 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.

“As representatives of the Nation’s oil industry, we want to express our strong support for your newly-introduced ‘Energy Supply and Distribution Act of 2015.’ Growing U.S. production of shale formation oil and natural gas creates economic opportunities that have not existed for over five decades. Artificial limits on market options could restrict U.S. benefits. Exports have a key role in keeping the development of U.S. production on course,” the coalition wrote in the letter. “Much like the export of gasoline and diesel fuels from American refineries now helps keep refining jobs in America, oil exports will enable the U.S. to invest in more American shale crude development and keep those good jobs here.”

“The Energy Supply and Distribution Act draws a carefully crafted balance by opening the world marketplace to the export of U.S. crude oil while reiterating the authority of the President to constrain exports when compelling national interests require it. This balance assures that the American economy can benefit from the vast crude oil resource base that is now available for development while being protected if there is ever a need to do so.”

Read the coalition letter here.

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. Murkowski, R-Alaska, Heitkamp, D-N.D., Hoeven, R-N.D., Barrasso, R-Wyo., McCain, R-Ariz., Corker, R-Tenn., Alexander, R-Tenn., Risch, R-Idaho, Flake, R-Ariz., Capito, R-W.Va., Inhofe, R-Okla., Rubio, R-Fla., and Lankford, R-Okla. 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.

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