facebook
twitter
rss
account
search
search
 

API: U.S. energy potential stymied

Commerce data show increase in energy trade.
By Daniel J. Graeber   |   Aug. 7, 2014 at 9:13 AM   |   Comments

| License Photo
WASHINGTON, Aug. 7 (UPI) -- Outdated trade restrictions are limiting the United States' position as a global energy superpower, the American Petroleum Institute said.

API reacted to data from the U.S. Commerce Department showing exports of petroleum and petroleum products are up more than $1.2 billion year-on-year.

"Domestic oil and natural gas production helped drive record exports last year, and our ability to impact global markets continues to grow," API Chief Economist John Felmy said in a Wednesday statement. "But America's potential as an energy superpower remains limited by outdated trade restrictions that prevent more U.S. oil and natural gas from reaching global markets."

Crude oil exports are restricted by legislation enacted in the 1970s in response to an embargo from Arab states within the Organization of Petroleum Exporting Countries. Natural gas exports in the form of liquefied natural gas require special federal consideration for countries that don't have a U.S. free-trade agreement, which includes members of the European Union.

Critics of more exports say it will lead to an increase in hydraulic fracturing, the controversial drilling practice behind the U.S. oil and gas boom, and higher domestic energy prices.

Felmy, however, said lifting trade barriers will create more jobs in the U.S. market and increase economic leverage overseas.

Follow @dan_graeber and @UPI on Twitter.
Contact the Author
Topics: John Felmy
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Some iPhone users getting checks for liquid damage Some iPhone users getting checks for liquid damage
2
Emissions down in oil and gas sector Emissions down in oil and gas sector
3
Boeing announces job relocations, business unit consolidation Boeing announces job relocations, business unit consolidation
4
EU demands solution to gas crisis EU demands solution to gas crisis
5
Exxon allays fracking concerns to investors Exxon allays fracking concerns to investors
Trending News
x
Feedback