Dec 3, 2015 IPAA Welcomes House Passage of Bipartisan Legislation that Lifts the Crude Oil Exports Ban
WASHINGTON, D.C. – Today, the U.S. House of Representatives passed a bipartisan energy package, which included an amendment offered by Rep. Joe Barton (R-TX) to lift the ban on U.S. crude oil exports. The crude oil exports amendment was approved by a bipartisan vote of 255 -168. Lifting trade restrictions on U.S. crude oil exports would further enhance our economic and national energy security, strengthen America’s geopolitical standing around the world, and provide meaningful benefits to American families and consumers.
“With the loss of 250,000 oil and gas jobs this year along with Iran looking to re-enter the international oil market, our nation’s oil and gas industry faces an urgent situation,” said Barry Russell, president of Independent Petroleum Association of America (IPAA). “For a second time this year, the U.S. House of Representatives voted in a bipartisan manner to eliminate the 40-year-old ban on U.S. crude oil exports, which would level the playing field and provide American businesses with competitive access to sell their U.S. oil freely on the world market. We applaud the House of Representatives for again taking action and approving this measure that is critical to independent producers – small businesses with an average of 15 employees. IPAA urges the U.S. Senate to move swiftly and allow competitive American oil exports that create jobs, grow our economy, and keep our gasoline prices low.”
Independent study after study confirms that opening access to global crude oil markets will boost economic growth, create more American jobs, lower U.S. gasoline prices, and reduce the influence that foreign powers have over our friends and allies. Even policy experts within the Obama Administration recognize the free trade and geopolitical benefits of crude exports.
IPAA has made lifting the decades-old restrictions on crude oil exports a top priority. Learn about IPAA’s efforts and get answers to frequently asked questions on this important issue.
The House-passed legislation also includes a measure that would expedite the export of liquefied natural gas (LNG), a provision supported by IPAA.
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, accounting for 54 percent of America’s oil production, 85 percent of its natural gas production, and supporting over 2.1 million American jobs.