The API has urged lawmakers to lift outdated trade restrictions on US oil as America becomes the number one world producer. API President and CEO, Jack Gerard said, “a new ear of energy abundance, born of innovation, has created a once in generation chance for America to cement its future as an energy superpower. But evidence is mounting the 70s era trade limits are damaging America’s economic potential. Study after study shows that blocking trade in crude oil harms consumers at the pump, the economy, and our trade balance. It also limits job creation, and it undermines America’s role as a global leader in energy.
“By operating the doors to trade, we can provide a counter to other nations that use their energy production as a geopolitical tool, even as we increase our own energy security. The economics of free trade are in America’s favour, and increased global competition for market share has only helped to put this issue into focus. Policymakers who support America’s future as an energy superpower have shown they are ready to act, and we urge the Senate to make this a top priority in the year ahead.”
Edited from press release by Claira Lloyd