President Obamas lifting of the crude export ban is good for consumers

WASHINGTON, December 18, 2015 – API President and CEO Jack Gerard said the president’s decision to end the ‘70s-era crude export ban will benefit consumers and enhance our energy security.

“This is the start of a new era for U.S. energy,” said Gerard. “Ending the decades-old ban on crude exports is a huge win for consumers, jobs, the economy and our energy security. We are bolstering America’s status as an energy superpower. U.S. producers will now be able to compete in the global oil market and consumers will reap the benefits. Studies show lifting the ban would lower gas prices by up to 12 cents per gallon.

“Our allies are also cheering. Instead of being dependent on oil from unfriendly nations, they’ll now be able to buy stable, reliable American-made energy.”

API applauded the efforts of all those who supported passage of this legislation.

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 650 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 30 million Americans.