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USW opposes lifting American crude oil export ban
30
Jul '15
Leo W. Gerard, international president of the United Steelworkers (USW), has testified before the US Senate Banking, Housing and Urban Affairs Committee, reiterating his opposition to lifting the long-standing crude oil export ban, insisting that it would be disastrous for the American economy, USW said in a press statement.

"The increase in crude oil production in this country—joined with the current US crude oil export ban—is boosting our economy," said Gerard. "Consumers pay less for gas, and our refiners are able to compete globally with foreign refiners."

He explained: “US refiners are exporting value-added refined products now more than ever before," adding that access to cheap American crude oil benefits other US industries with family-supportive jobs like steel, the chemical sector, plastics and tyres.

Most importantly, having a crude oil export ban makes the US less dependent on an international cartel that influences prices for political reasons, Gerard said in citing the Organization of the Petroleum Exporting Countries (OPEC).

"If Congress lifts the crude oil export ban, gas prices will increase and some US refineries could be forced to shut down, sending tens of thousands of jobs overseas," the USW president declared.

"There is more oil imported into the US today than in 1975 when Congress enacted the crude oil export ban. Now demand is on the increase again." He related further that US Energy Secretary Ernest Moniz had told a recent House Energy & Power Subcommittee hearing that for every barrel of oil the US would export, we would have to import a barrel to replace it.”

Gerard stated: "Let's be clear, exporting a natural resource to have it refined overseas and imported back into the US is a net job loser for America."

Gerard told the senate committee the penalty for the American consumer as a result of lifting the export ban would add up to $25 billion per year, or $125 per driver and $257 per family. (SH)

Fibre2Fashion News Desk – India

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