Sep 17, 2015 IPAA Welcomes House Committee Passage of Bipartisan Bill Allowing Crude Exports
WASHINGTON, D.C. – The Independent Petroleum Association of America (IPAA) welcomed the passage of a bipartisan bill designed to lift outdated trade restrictions on United States crude oil, which the House Committee on Energy and Commerce approved today by a recorded vote of 31-19. IPAA has made lifting the decades-old restrictions on crude oil exports a top priority, according to IPAA President and CEO Barry Russell.
“With independent study after study showing the free trade of crude oil will mean more American jobs, lower fuel costs, and increased national energy security, IPAA thanks the House Energy and Commerce Committee for swiftly acting to lift the ban,” said Russell.
Leading economists and more than a dozen independent studies – including one by the Obama Administration’s own Department of Energy – have found that lifting the restrictions on crude oil exports would help drive down international oil prices, which are the primary influence on U.S. gasoline prices, providing meaningful benefits for American families and our national energy security.
“Today, the 40-year-old ban acts only to prevent American companies from competing on an equal playing field in the very global market that sets the prices driving their business. We should not allow U.S. producers to remain at a competitive disadvantage by limiting trade access to global markets.
“IPAA thanks Chairman Fred Upton (R-Mich.) and bill sponsor Rep. Joe Barton (R-Texas) for their leadership on this critical issue for U.S. independent producers. The House of Representatives should pass this important bipartisan legislation in the days ahead,” said Russell.
IPAA has strongly urged the White House and Congress to #LiftTheBan on U.S. crude oil exports. Earlier this month, IPAA President Barry Russell called the federal government’s Energy Information Administration report touting the fuel cost savings and economic benefits of repealing the crude exports ban a win-win for America’s energy consumers and producers. In August, Russell called for further administrative action on U.S. crude exports, after the Obama Administration approved a crude oil exchange between the United States and Mexico. Following news of a secured agreement with Iran that would allow Iranian oil to be traded on the world market, Russell questioned why America does not allow our own companies to do the same with their American-made oil. Earlier this summer, Russell sent a letter to President Barack Obama urging further administrative leadership on lifting outdated restrictions on U.S. crude oil exports. Russell commended House Energy and Commerce Committee Chairman Fred Upton (R-Mich.) for his remarks in support of 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 frequently asked 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.