Home / Knowledge / News / Textiles / USW opposes lifting American crude oil export ban
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

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search