The American Petroleum Institute (API) has applauded legislative efforts now under way to lift outdated trade restrictions on US oil during a conference call today with reporters.
"At this moment, US diplomats are paving the way for Iran to reassert itself as a major world energy supplier," said API President and CEO Jack Gerard. "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.
"These votes will play an important role in determining whether America remains a global energy superpower for decades to come," he added. "If we act now to harness this once-in-a-generation opportunity, America is poised to add billions to the domestic economy, creating jobs up and down the energy supply chain.
"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."