12:48 GMT +322 September 2019
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    US Oil Giant Urges Repeal of Crude Exports Ban to Keep Up With Times

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    Third-largest integrated energy company ConocoPhillips said that US should overhaul its obsolete energy policy and scrap the decades-old ban on US crude oil exports.

    MOSCOW (Sputnik), Svetlana Alexandrova The United States should overhaul its obsolete energy policy and scrap the decades-old ban on US crude oil exports, its third-largest integrated energy company ConocoPhillips told Sputnik.

    Lifting the ban has been a priority for the country's oil producers who have been underrepresented in some of the world's lucrative export markets, particularly in Europe.

    "The crude oil export ban should be repealed. The existing ban on crude oil exports is out of date. Times have changed, so policy should change as well," ConocoPhillips spokeswoman Andrea Urbanek told Sputnik.

    Urbanek said US oil imports are declining, and the government should allow crude oil exports now to preserve the country's role as a "stabilizing force" in the world market by making up for production losses elsewhere.

    Last Sunday, the company's CEO Ryan Lance testified before the US Senate's Committee on Energy and Natural Resources, where he argued that the lifting of the ban would create jobs, lower gasoline prices and strengthen US political standing.

    In the 1970s, US Congress made it illegal to export crude oil from the country, in a bid to conserve domestic oil reserves. But US energy firms and their lobbyists in parliament now consider it to be more of a hindrance than a help.

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    ban, crude oil, ConocoPhillips, United States
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