Washington – Business Roundtable today welcomed passage by the U.S. House of Representatives of H.R. 702, a bill to end the ban on U.S. oil exports. The legislation was introduced by Rep. Joe Barton (R-TX) and championed by House Energy and Commerce Committee Chairman Fred Upton (R-MI).

 

“Business leaders from every sector of the U.S. economy support today’s vote by the House of Representatives to end the ban on American oil exports,” said Nicholas K. Akins, Chairman, President and Chief Executive Officer of American Electric Power and Chair of the Business Roundtable Committee on Energy and Environment. “The United States is now the world’s number one producer of liquid fuels, and removing artificial export restrictions will strengthen America’s strategic position in global energy markets.” 

 

Earlier this week, Business Roundtable joined 15 energy and business groups in sending a letter to the House of Representatives urging members to support lifting the oil export ban. Business leaders believe that U.S. export policies should be based on principles of open, unbiased and rules-based international engagement. 

 

“Business Roundtable is committed to working with Congress and the Administration to ensure that the oil export measure is signed into law,” Akins said.

 

Business Roundtable earlier this year released an economic growth agenda that includes tax reform, expanded trade opportunities, immigration reform, fiscal stability, infrastructure investment and a more strategic approach to energy policy that capitalizes on America’s strengths. Learn more about Business Roundtable positions on energy policy here and our 2015 growth agenda here.