In a recent press release, the American Petroleum Institute (API), the sole national trade association for all sectors of the oil and natural gas industry, urged US legislators to remove dated trade restrictions on US oil. Responding to America’s emergence as the world’s top oil producer, API president and CEO Jack Gerard called on lawmakers to take advantage of this prosperity. He credited widespread innovation with launching America to the forefront of the global energy sector but noted that trade limits dating back to the 1970s pose the risk of stunting this economic potential. Mr. Gerard cited numerous studies that indicate stringent oil trade restrictions have negative repercussions on consumer costs, limit job creation, and restrict America’s economic potential as a global energy leader.
Jack Gerard stressed that lessened oil trade restrictions have the potential to counter other nations’ use of energy as a geopolitical leveraging point. Urging the US Senate to prioritize oil trade reform in 2015, he noted that increasing global competition in the energy market has made the issue more salient than ever.