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Call for action on crude export restrictions

Hydrocarbon Engineering,

The API urged lawmakers to quickly chart a bipartisan path forward during a House hearing held on July 9. The hearing was on legislation to lift America’s outdated ban on crude oil exports.

Louis Finkel, API Executive Vice President commented, “crude exports could generate immediate and long lasting benefits for US workers, for US consumers and families, and for our allies abroad. Bipartisan momentum is stronger than ever and lawmakers should seize this opportunity to cement America’s role as a global energy superpower.

“Study after study has shown that exports will incentivise higher domestic production, create more US jobs, put downward pressure on gasoline prices, and reduce the power that foreign suppliers have over our allies. Last month, a report from Harvard Business School confirmed that the ban is reducing US growth, with no clear offsetting benefits for America or Americans.

“We applaud the bipartisan efforts of leaders in congress who are ready to send a signal of strength to our allies abroad, and we urge House and Senate leaders to make this a top priority.”

Edited from press release by Claira Lloyd

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