The Steel Manufacturers Association (SMA) recently supported lifting the ban on U.S. crude oil exports. The ban, enacted by the 1975 Energy and Conservation Act, applies to all crude oil exports except in limited circumstances.
This month, the House of Representatives approved H.R. 702, a bill that would formally lift the ban. Comparable legislation is pending in the Senate.
“The global energy landscape has changed dramatically over the past 40 years,” said Philip K. Bell, president of the SMA. “Today, the US is a world class leader in the production of oil and other energy resources. We have an opportunity to leverage these resources in foreign markets to the benefit of the domestic economy and its workforce. The export ban serves as an impediment to free and fair trade. Energy companies are unable to invest and produce to the extent that they would in an open market.”