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Raheem J. Brennerman, Chairman and CEO of Blacksands Pacific, writes in The Hill, on the need for the United States Government to lift its export ban on crude oil

Date: 09/27/2014

It is not only House Republicans that are now requesting that the U.S. government lift the ban on crude oil exports (“Momentum builds to allow US oil exports,” Sept 14), America’s trading partners are calling for the same — and with good reason.

The ban on U.S. oil exports was passed back in 1975; since then much has changed. Investments and advancements in technology now enable the U.S. to produce more oil and gas than any other nation in the world. Congress already permits limited oil exports to Canada and allows refineries to export gasoline, heating oil, diesel and other refined products to global markets. Approval has also been granted to begin exports of natural gas in 2015. So why can’t we treat crude oil the same way?

Allowing exports of U.S. crude oil would stimulate massive investment in infrastructure, create tens of thousands of desperately needed American jobs, help stabilize global energy markets, and place us nearer our goal of achieving energy security. The status quo does not serve is nation’s interests as the world’s leading energy producer.

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