API: White House Veto Threat Harms Consumers And American Jobs

API expressed disappointment in the administration’s failure to support legislation, scheduled for a House vote Friday, which would lift 1970s-era restrictions on crude exports, boosting the U.S. economy and global energy security.

“Even experts within the administration recognize that free trade in oil could benefit American consumers and create U.S. jobs,” said API Executive Vice President Louis Finkel, citing reports by the U.S. Energy Information Administration and other agencies. “Given the benefits for U.S. families and workers, it’s hard to imagine why the administration would reject bipartisan efforts to unlock America’s potential as an energy superpower even as it pushes for a deal to lift the oil embargo on Iran.

“When it comes to energy policy, America is faced with a lack of leadership. In its statement, the administration chose to put politics ahead of American consumers and American jobs. The result is that U.S. producers must sit by and watch as the White House gives Iranian oil producers access to world markets, while Canadian producers are kept away from the U.S. market while they wait for approval of the Keystone pipeline. The White House’s own 2015 National Security Strategy confirms the importance of America’s energy renaissance to the security of our allies.

“This is a missed opportunity to demonstrate true leadership while creating U.S. jobs and saving consumers’ money. This administration needs to reexamine their priorities and work with a bipartisan coalition in Congress on legislation that would help to secure America’s energy leadership for generations to come.

“There’s no question that outdated laws are standing in the way of U.S. growth. The Commerce Department has failed to approve significant exports, and self-imposed sanctions remain in place. Lawmakers are simply updating the law to reflect that 1970s-era restrictions don’t make economic sense in an era of U.S. energy abundance. Both the House and Senate proposals preserve the administration’s authority to limit exports should it ever be necessary.”

About API
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 25 million Americans.