API crude update

API welcomed reports that Senate Majority Leader Mitch McConnell would join with bipartisan leaders to advance legislation lifting restrictions on US crude oil exports. The announcement adds momentum to similar comments offered by House Majority Leader Kevin McCarthy.

“Bipartisan momentum is strong and lawmakers are ready to lift the outdated ban, create new American jobs, and bolster our energy security for generations to come. With the administration set to allow Iran to sell oil on the global market, it does not make sense to restrict our own country from exporting this valuable commodity,” said Louis Finkel, API’s Executive Vice President for Government Affairs.

“Study after study has confirmed the benefits to our economy and to the security of our allies overseas. The administration’s own report shows that crude exports could generate fuel savings for consumers. The House and Senate are both on track to pass legislation that will keep America globally competitive on energy,” added Finkel, who thanked leaders McConnell and McCarthy and the bipartisan coalition for their efforts to end the ban.

Edited from various sources by Stephanie Roker

Published on 17/09/2015

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