According to the API, during a House energy hearing on March 3, lawmakers should consider ways to move toward lifting US trade restrictions on crude oil during 2015.
API Executive Vice President for Government Affaris, Louis Finkel said, “the US revolution has transformed the global landscape, creating countless economic opportunities for American workers and consumers. To continue growing as an energy superpower, America must have policies that reflect modern energy markets, rather than policies based on a market that existed in the 1970s. Study after study shows that free trade in crude oil will mean more jobs, downward pressure on fuel costs, and could reduce the power that foreign suppliers have over our allies overseas.
“Today’s hearing is not the first to explore US energy exports, but it marks a fresh opportunity for a new Congress to move quickly this year and harness the wide ranging economic benefits free trade. Our competitors overseas are working hard to lock in their economic advantages as exporters, and we must act now to ensure US producers can compete effectively for a share of the global market. It’s the smart thing to do for US consumers, for US workers, and for the energy security of America and its allies.
“The consensus among policy experts, economists, and analysts is overwhelmingly in favour of exports, and we’re sharing that information with API’s extensive grassroots network to ensure that lawmakers hear from their constituents. The Senate has already scheduled their next hearing on exports, and we’re optimistic that this issue will continue to gain bipartisan momentum in the months ahead.”
Edited from press release by Claira Lloyd
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