"WASHINGTON -- The oil industry's leading trade group on Tuesday praised Alaska Sen. Lisa Murkowski's (R) call for a review of the country's effective ban on exporting crude oil."
"'We should not be bound by past practices,' said Jack Gerard, president of the American Petroleum Institute, in a speech at the Newseum in Washington. 'It's a new day, it's a new time, it's a new America as it relates to oil and natural gas.'
The ban on crude exports was put into place in the wake of the 1973 oil crisis, as part of the Energy Policy and Conservation Act that became law in 1975. It was meant to curb price spikes in the country. But Murkowski, who gave a speech on the issue at the Brookings Institution on Tuesday morning, believes that the ban is no longer necessary and only serves to disrupt supply and slow U.S. production.
The industry's biggest trade group came out in support of her effort, noting that U.S. oil production has climbed to record levels in recent years. Given the increased exports, Gerard said, the U.S. should be working to 'figure out how to become the energy superpower in the world.'"