API has stated that new legislation to lift 70s-era restrictions on U.S. exports of crude oil is critical to America’s future as an energy superpower. The bipartisan bill, S. 1312, was introduced by Senate Energy and Natural Resources Committee Chair Lisa Murkowski and Senator Heidi Heitkamp.
“There are few policy changes that would bring more value to our domestic economy,” said API Executive Vice President Louis Finkel. “Supplying energy to our allies will cement America’s future as a global energy superpower, allowing us to produce more energy, create more jobs, cut the trade deficit, grow the economy, and put downward pressure on fuel costs.
“Study after study has confirmed that trade policies from the 1970s are only putting U.S. workers and consumers at a disadvantage. This bill will unlock America’s energy potential and help U.S. energy production to stay competitive in a difficult market. The benefits are clear, and members of Congress in both the House and Senate have shown they are ready to act in a bipartisan way to support free trade. We urge the Senate to take up this legislation quickly and send a signal to our allies around the world that America is ready to be a global energy leader.”
Adapted from press release by Joseph Green