Oct 7, 2015 IPAA: White House Should Support American Crude Oil Exports
WASHINGTON, D.C. – Independent Petroleum Association of America (IPAA) President Barry Russell called on President Barack Obama to reconsider his position, as outlined by a White House policy announcement today, and direct the U.S. Department of Commerce to lift the trade restrictions on American crude oil exports. Repealing the 40-year-old ban would stimulate our economy, strengthen America’s geopolitical standing around the world, and provide meaningful benefits to American families and our national energy security.
“In recent weeks, we’ve heard President Obama make a passionate case for ‘leveling the playing field’ for American workers and businesses. However, it’s discouraging to see this White House negotiate a trans-pacific trade agreement and authorize Iran to export its oil, while America’s energy producers are left tightening their belts and shutting down their rigs. Shouldn’t American companies have the same competitive access to global markets?
“Repealing the 1970s-era ban on U.S. crude oil exports would do just that. It would give America’s energy producers competitive access to global trade markets, which is consistent with President Obama’s own broad free trade policy priorities. Right now, President Obama has the administrative authority to put an end to these self-imposed trade restrictions. The president should go to bat for American workers and businesses by directing the Department of Commerce to lift the ban on crude exports. Failing to do so would be a major missed opportunity to stimulate the economy, strengthen our national energy security, and generate significant fuel savings for American families.”
IPAA has strongly urged the White House and Congress to #LiftTheBan on U.S. crude oil exports. In July, Russell sent a letter to President Obama urging further administrative leadership on lifting outdated restrictions on U.S. crude oil exports. In August, Russell called for further administrative action on U.S. crude exports, following the approval of a crude oil exchange between the United States and Mexico. After news reports surfaced 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. 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.