Bipartisan legislation approved by the Senate Banking, Housing, and Urban Affairs Committee could save consumers money and create jobs by lifting 1970s era restrictions on crude exports, as stated by API.
“Bipartisan consensus continues to grow as lawmakers recognise that crude exports will unlock savings for US consumers and create jobs,” said API Executive Vice President Louis Finkel. “With Iranian exports on the horizon, America would be the only major oil producer without access to global markets. This legislation would put US workers on a level playing field and provide US allies with a reliable alternative source of energy.
“The administration’s own analysis by the US Energy Information Administration confirms that exports of crude oil will drive economic gains for US consumers and workers. The time to act is now, and we urge leaders in the Senate to work closely with their house colleagues who may vote on exports next week and accelerate America’s rise as an energy superpower.”
Edited from source by Stephanie Roker