US crude exports help keep prices low

January 5, 2016

Associated Press


Oil prices have remained low despite heightened tensions between two of the world's big oil-producing countries, Iran and Saudi Arabia, and a new law allowing U.S. crude exports helps explain why, the oil industry's top lobbyist said Tuesday.

Jack Gerard, president and CEO of the American Petroleum Institute, said the 3-week-old law lifting a 40-year ban on crude exports has already changed the dynamics of the global oil industry.

The potential for U.S. exports, combined with the ongoing U.S. oil boom, means "the United States has come in as a major player" in the global oil market, reducing the influence of countries such as Saudi Arabia and Iran, Gerard said.

"The geopolitics of energy will never be the same," Gerard said in a speech outlining the industry's priorities for the year.

Read entire article at AP.

 

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