Ban on crude exports lifted
Two major energy bills approved today by the Senate Energy and Natural Resources Committee will promote US energy leadership by lifting a 70s-era ban on crude exports, streamlining the approval process for exports of liquefied natural gas (LNG), accelerating infrastructure improvements, training workers, and expanding offshore opportunities for coastal regions, said API.
“Free trade in energy will allow America to harness the full economic opportunities created our energy revolution,” said API Executive Vice President Louis Finkel. “America is now the world’s largest natural gas producer, and our LNG exports will promote stronger domestic energy production, create more American jobs, and protect the security of the US and its allies.
“In terms of oil, study after study has shown that the outdated export ban only harms America’s ability to compete with other suppliers, like Iran and Russia. It’s ironic that the U.S. would strike a deal to allow Iranian crude onto the global market while refusing to give the same opportunity to American producers. Lifting the ban will put downward pressure on fuel costs, create jobs, and strengthen our position as a global energy superpower.
The OPENS Act also allows more coastal regions to benefit from energy development. Every state that hosts oil and natural gas development off its shores should get a fair share of the revenue collected by the federal government. This effort will create new economic opportunities for thousands of American workers, grow the economy, and strengthen the energy security of America and its allies.
“The bipartisan Energy Policy Modernization Act also includes strong provisions to help train US workers for the next generation of energy jobs and streamlines the permitting process for natural gas pipelines to ensure that US consumers can access affordable, reliable energy. As Congress moves forward, we hope that additional improvements can be made to accelerate investments in US energy infrastructure and address broken policies, like the Renewable Fuel Standard.
“Together, these two bills include vital components of any truly comprehensive energy strategy. The last major energy legislation was crafted in 2007, and the time has come to unlock the full economic and security benefits now available to US consumers and workers. We urge the House and Senate to quickly send this important legislation to the president’s desk.”
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 U.S. 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