Aug 14, 2015 IPAA Welcomes Approval of U.S.-Mexico Oil Exchanges, Urges White House to #LiftTheBan
Urges further administrative action on crude oil export restrictions
WASHINGTON, D.C. – Independent Petroleum Association of America (IPAA) President Barry Russell today welcomed the Obama Administration’s decision to approve limited exchanges of crude oil between the United States and Mexico:
“Today’s decision, which requires no change in the law, to grant the exchange of crude exports with neighboring Mexico is welcome news and long overdue. While the decision is a positive step toward furthering our national energy security, IPAA remains committed to the full repeal of the ban on selling American oil overseas as quickly as possible.
“The White House can and should take further action by completely lifting the 1970s-era restrictions on exporting surpluses of U.S. crude oil to the global marketplace. Not only is lifting export restrictions on America’s energy surpluses consistent with President Obama’s own broad free trade policies, it also spurs additional investment and economic growth, creates and protects American jobs, and provides meaningful benefits to American consumers and our national energy security.”
Today’s decision follows IPAA President Barry Russell’s recent letter to President Barack Obama urging further administrative leadership on lifting outdated restrictions on U.S. crude oil exports. IPAA and its member companies have made lifting the export restrictions on the United States’ surplus of crude oil a top priority for 2015. In June, 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. 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Resources Committee Chairman Lisa Murkowski (R-Alaska) and Senator Heidi Heitkamp (D-N.D.), which seeks to lift the outdated ban on oil exports.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 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 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.