OREANDA-NEWS. Bipartisan legislation approved today by the Senate Banking, Housing, and Urban Affairs Committee could save consumers money and create jobs by lifting 1970s-era restrictions on crude exports, said API.
    
“Bipartisan consensus continues to grow as lawmakers recognize that crude exports will unlock savings for U.S. 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 U.S. workers on a level playing field and provide U.S. allies with a reliable alternative source of energy.
     
“The administration’s own analysis by the U.S. Energy Information Administration confirms that exports of crude oil will drive economic gains for U.S. 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.”
       
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent 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.