Wider trade of crude oil with Mexico, as the US Commerce Department has announced it will approve, delivers just a portion of the economic benefits that could be generated by lifting all outdated restrictions on US energy exports, said API.
“Trade with Mexico is a long-overdue step that will benefit our economy and North American energy security, but we shouldn't stop there,” said API Executive Vice President Louis Finkel. “Study after study shows that free trade in crude oil would promote the creation of US jobs, put downward pressure on fuel costs, and reduce the power that foreign suppliers have over our allies. America is now a global energy superpower, and lifting ‘70s-era restrictions on US oil exports will help bring the benefits of trade home to US workers and consumers.
“Much like our mutually-beneficial oil trading relationship with Canada, exports to Mexico will offer another example of how the free flow of commerce helps keep energy supplies more stable, more secure, and more affordable. At a time when the US is working on a deal to allow Iranian crude onto the global market, policymakers should focus on preserving America’s competitive position as the world’s top oil and gas producer. By lifting our own self-imposed sanctions, we can give US producers the same access to global markets and protect America’s competitive edge.
“Bipartisan momentum is stronger than ever, with legislation being considered in both chambers of Congress, and we are optimistic that efforts to lift the outdated export ban will be a top priority for lawmakers when they return from the August break.”
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million US jobs and 8% of the US economy. API’s more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 25 million Americans.
Adapted from a press release by Louise Mulhall