... IPAA Welcomes Approval of U.S.-Mexico Oil Exchanges

IPAA Welcomes Approval of U.S.-Mexico Oil Exchanges

An upstream industry trade association is lauding the Obama administration’s decision to approve limited crude oil exchanges between the United States and Mexico.

Independent Petroleum Association of America (IPAA) president Barry Russell welcomed the decision in an Aug. 14 statement, calling the move “welcome news and long overdue.”

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“While the decision is a positive step toward furthering our national energy security, IPAA remains committed to the full repeal of the ban on selling American oil overseas as quickly as possible,” Russell said. “The White House can and should take further action by completely lifting the 1970s-era restrictions on exporting surpluses of U.S. crude oil to the global marketplace.”

Russell added that lifting export restrictions on U.S. energy surpluses is consistent with President Barack Obama’s free trade policies.

“It also spurs additional investment and economic growth, creates and protects American jobs, and provides meaningful benefits to American consumers and our national energy security,” he said.

The decision follows IPAA President Barry Russell’s recent letter to President Obama urging further administrative leadership on lifting outdated restrictions on U.S. crude oil exports. IPAA and its member companies have made lifting the export restrictions on the United States’ surplus of crude oil a top priority for 2015.

In June, Russell sent a letter to House Energy and Commerce Committee Chairman Fred Upton (R-Mich.) in support of his recent comments on U.S. crude oil exports. IPAA also voiced its support in May for bipartisan legislation authored by Senate Energy and Natural Resources Committee Chairman Lisa Murkowski (R-Alaska) and Senator Heidi Heitkamp (D-N.D.), which seeks to lift the outdated ban on oil exports. For more information on IPAA’s efforts and answers to common questions on this important issue, visit ipaa.org.

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