ConocoPhillips CEO Ryan Lance Testifies Before Senate Energy and Natural Resources Committee on U.S. Crude Oil Export Policy
March 19 2015 - 12:20PM
Business Wire
Lifting the exports ban would increase production, create
jobs, lower gasoline prices and help shift the energy market's
center of gravity toward North America
ConocoPhillips (NYSE: COP) Chairman and CEO Ryan Lance today
testified to the benefits of lifting the outdated ban on U.S. crude
oil exports. During his testimony, Lance noted that removing the
ban has supporters from both parties, from all regions of the
United States, and has been endorsed by virtually all economic
studies.
Ryan Lance, ConocoPhillips Chairman and
Chief Executive Officer (Photo: Business Wire)
“Given that America’s oil and natural gas renaissance has
fundamentally changed the global energy landscape, this policy must
be repealed if the United States is to fully realize the benefits
associated with our new energy abundance,” Lance said. “The oil
export ban must be lifted to help sustain this transformation;
maintain our energy security; and maximize the benefits to our
economy, the American consumer and our country’s geopolitical
standing.”
In his written testimony, Lance noted that a growing body
of independent research supports these perspectives. In
addition, a national survey released in January
by Reuters shows that the public agrees, finding that by
a 15 point margin Americans believe it’s time to allow domestic oil
producers the ability to sell crude oil to customers in
other countries, so long as exports do not increase gasoline
prices.
Lance cited nearly a dozen economic analyses by research groups,
energy consultancies and government entities that have concluded
that gasoline prices would decrease if crude oil exports are
permitted. As Lance noted, U.S. gasoline prices are determined by
global gasoline prices, which in turn track global oil pricing
trends. Adding new oil supplies to the global market from U.S.
exports would put downward pressure on world oil prices, and thus
fuel prices.
In addition to benefiting consumers at the pump, exporting crude
oil would stimulate demand for domestic production, yielding
substantial stimulation for the U.S. economy. For example, every
new oil industry production job would create three jobs in the
supply chain and another six jobs in the broader economy.
Contributions to gross domestic product would also multiply: every
dollar created in the oil sector generates two dollars in the
supply chain.
These benefits can extend to the geopolitical arena. The U.S.
energy renaissance has shifted the energy market's center of
gravity away from unstable areas of the world, toward North
America. Allowing crude exports would help continue this trend. By
making up for production losses in other countries, U.S. exports
would help reduce market volatility, create new markets and provide
supply reliability and diversity for countries now dependent on
less-secure sources.
Read Lance’s written testimony.
--- # # # ---
About ConocoPhillips
ConocoPhillips is the world’s largest independent E&P
company based on production and proved reserves. Headquartered in
Houston, Texas, ConocoPhillips had operations and activities in 27
countries, $53 billion in annual revenue, $117 billion of total
assets, and approximately 19,100 employees as of Dec. 31, 2014.
Production from continuing operations, excluding Libya, averaged
1,532 MBOED in 2014, and proved reserves were 8.9 billion BOE as of
Dec. 31, 2014. For more information, go to
www.conocophillips.com.
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ConocoPhillipsAndrea Urbanek,
281-293-3472andrea.urbanek@conocophillips.com
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