Some supporters of the repeal have come together to form the group Producers for American Crude Oil Exports (PACE), and according to PACE Executive Director George Baker, the purpose of the venture is to boost public awareness regarding the need to better align Washington, D.C.'s policies with America's current position, reported FuelFix.com.
The group has registered as a lobbying effort, as is required by law, and its paperwork shows it is financially backed by 14 independent oil companies, including ConocoPhillips, Marathon Oil, Noble Energy, Anadarko Petroleum, Chesapeake Energy, Concho Resources, EOG Resources, Hess, Laredo Petroleum, Continental Resources, Devon Energy, Pioneer Natural Resources, Ecana Oil and Gas and Occidental Petroleum. These companies have a combined market capitalization of $441 billion, according to FuelFix.
Not the first lobbying group on the issue
The creation of PACE follows the formation of Consumers and Refiners United for Domestic Energy (CRUDE), which filed as a lobbying group earlier in the year. CRUDE advocates keeping American oil in the U.S. and directly counters the efforts of PACE.
CRUDE, which was founded by Philadelphia Energy Services, Monro Energy, PBF Energy and Alon USA Energy Inc., believes exporting oil overseas will hurt the U.S.'s ability become energy independent, according to FuelFix.
A deep divide
The issue of whether to export oil and natural gas to foreign countries, and whether this would ultimately economically benefit the U.S., has created a new issue on which to pick sides. The American Petroleum Institute falls on the pro-export side, and has previously argued for a lift of the ban, citing that exports would improve the domestic job market and lower the nation's trade deficit.