From: Jack Gerard, API
To: Scott Jenkins,
Subject: Crude Oil Exports Will Benefit Consumers
Date: Wed Apr 02 14:30:23 MDT 2014
Body:
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Energy Tomorrow
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    April 2, 2014  

Growing Demand for LNG Exports

The list of nations publicly appealing to U.S. policymakers for access to American natural gas continues to grow. Click here to learn more about the geopolitical and economic benefits of exporting LNG to our allies.

GRAPH: Exports vs. Consumption

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    Crude Oil Exports Will Benefit Consumers      
           
   

Dear Scott,

The United States leads the world in natural gas production, and we’re set to surpass Saudi Arabia and Russia to become the world’s leading oil producer next year. Yet we’re stuck with 70s-era policies that severely restrict our ability to export a portion of our abundant energy resources.

A new report from ICF International and EnSys Energy concludes that numerous benefits are waiting to be unlocked by lifting outdated trade restrictions on crude oil:

  • The cost of gasoline, heating oil and diesel fuel is projected to fall, saving American consumers up to $5.8 billion per year, on average, between 2015 and 2035.
  • Fuel prices could decline as much as 3.8 cents per gallon in 2017, dropping as much as 2.3 cents per gallon, on average, from 2015 to 2035.
  • The U.S. economy could gain up to 300,000 additional jobs in 2020, with America’s trade deficit falling by $22 billion.
  • U.S. oil production could increase by as much as 500,000 barrels per day in 2020.
  • U.S. refiners could process, on average, an additional 100,000 barrels of oil per day due to more efficient distribution of heavy and light crudes over the 2015 to 2035 period.

It’s simple. As this study shows, adding more supply to the global market puts downward pressure on prices -- while access to foreign customers encourages additional domestic production, which creates jobs and economic growth. By basing our export policies on free trade principles and the reality of our new energy outlook, we can bring significant benefits to consumers and workers while further expanding America’s geopolitical influence.

Sincerely,

Jack Gerard
President and CEO
API

     
     
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