Bipartisan legislation approved today by the U.S. House of Representatives would lift 1970s-era restrictions on crude exports, yielding economic opportunities for millions of Americans, said API.

“Today’s vote starts us down the path to a new era of energy security, saving consumers billions and creating jobs across the country,” said API President and CEO Jack Gerard. “American producers would be able to compete on a level playing field with countries like Iran and Russia, providing security to our allies and accelerating the energy revolution that has revitalized our economy.

“Study after study has confirmed the jobs, fuel savings, and economic growth that free trade in oil could bring to U.S. consumers and workers. As the U.S. Energy Information Administration reported, lifting the ban could increase the value of U.S. crude and incentivize domestic production, which puts downward pressure on global oil prices and the prices that consumers pay for fuel.

“Lawmakers are ready to harness those benefits, and today’s vote shows that bipartisan momentum is stronger than ever. We are eager to see this bill taken up in the Senate, where members of two committees have already endorsed efforts to lift the 1970s-era ban on crude exports. The time to act is now.” API is the only national trade association representing all facets of the oil and natural gas industry.