IPAA welcomes approval of US-Mexico oil exchanges

Independent Petroleum Association of America (IPAA) President Barry Russell today welcomed the Obama Administration’s decision to approve limited exchanges of crude oil between the US and Mexico.

“Today’s decision, which requires no change in the law, to grant the exchange of crude exports with neighboring Mexico is welcome news and long overdue,” Russell said. “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.

“The White House can and should take further action by completely lifting the 1970s-era restrictions on exporting surpluses of US crude oil to the global marketplace. Not only is lifting export restrictions on America's energy surpluses consistent with President Obama’s own broad 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.”

Today’s decision follows IPAA President Barry Russell’s recent letter to President Obama urging further administrative leadership on lifting outdated restrictions on US crude oil exports. IPAA and its member companies have made lifting the export restrictions on the US’ 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-Michigan) in support of his recent comments on US 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Committee Chairman Lisa Murkowski (R-Alaska) and Senator Heidi Heitkamp (D-North Dakota), which seeks to lift the outdated ban on oil exports.

 

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