OREANDA-NEWS. December 04, 2015. Legislation passed today by the U.S. House of Representatives will strengthen U.S. energy security by streamlining liquefied natural gas (LNG) exports and promoting infrastructure improvements, said API. A bipartisan amendment lifting 1970s-era restrictions on crude exports also promises to deliver major economic benefits to U.S. consumers and workers.        

"America is now the world’s top oil and natural gas producer, and updating our policies for a new era is critical to harnessing the jobs and economic potential unleashed by America's energy renaissance,” said Louis Finkel, API’s executive vice president for government affairs. “Study after study shows that America’s energy exports will drive job creation and protect our allies from what the Lithuanian energy minister calls blackmail during negotiations with hostile nations.

'A major update to our energy policy hasn’t occurred since 2007. This legislation will help bring U.S. energy policy into the 21st century, allowing the U.S. to compete with nations like Iran and promoting the infrastructure we need to bring affordable, reliable energy to consumers.

“It’s ironic that at a time when tens of thousands of American workers are losing their jobs in the oil and natural gas industry, that the U.S. would strike a deal to allow Iranian crude onto the global market. This makes no sense, we need to give the same opportunity to American producers and create more American jobs.

“We urge leaders in the House and Senate to make smart energy polices a priority, in this bill and in any other legislation headed to the president’s desk before year’s end.”

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.