API backs efforts to lift out-dated trade restrictions

As legislative efforts to lift out-dated trade restrictions on US oil commence, the American Petroleum Institute (API) has openly supported these attempts during a conference call with reporters.

API is a national trade association that represents all facets of the oil and natural gas industry and supports 9.8 million US jobs and 8% of the US economy.

Comment from API during conference call

API President and CEO, Jack Gerard, said: “US diplomats are paving the way for Iran to reassert itself as a major world energy supplier. American voters understand that lifting the ban on Iranian oil resources, while maintaining a ban on US companies, is illogical and restricts our own competitiveness. It doesn’t make sense. US energy producers should not be placed at a competitive disadvantage to anyone, whether it is Russia, Iran or any oil-producing country.”

He continued: “If we act now to harness this once-in-generation opportunity, America is poised to add billions to the domestic economy, creating jobs up and down the energy supply chain.”

Urging the House and Senate to floor votes on this issue

“Bipartisan momentum is stronger than ever, and we urge members of the House and Senate to schedule committee and floor votes on this issue as soon as possible. Now is the time to send a message to allies around the world that America is ready to lead.”

Adapted from press release by David Bizley

Read the article online at: https://www.oilfieldtechnology.com/special-reports/30072015/api-backs-efforts-to-lift-out-dated-trade-restrictions/