Consumers could save on fuel costs if policymakers act now to lift trade restrictions on US crude oil, said American Petroleum Institute (API) officials, citing a new report from the US Energy Information Administration (EIA).
“The EIA report provides a final, non-partisan confirmation that ‘70s-era trade restrictions on US oil are bad for American consumers,” said Kyle Isakower, API vice-president of regulatory and economic policy. “America is now a global energy superpower, and we shouldn’t have trade policies that make it harder for the U.S. to compete with other suppliers, like Iran and Russia. The EIA report only reinforces the economic benefits of exports outlined in every other major study--more US jobs, greater US energy production, and downward pressure on fuel costs.
“It’s time for policymakers to harness the economic advantages of free trade by lifting the outdated ban on crude exports. Strong, bipartisan legislation is now making its way through both chambers of Congress. Lawmakers need to make this issue an immediate priority when they return from the summer break.”