Aumua Seeks Benefits to Territories if Crude Oil Export Ban is Lifted
Washington, D.C. – Wednesday, Congresswoman Aumua Amata, "I want to thank Chairman Chabot and Ranking Member Velázquez for holding this hearing today to examine the impact that removing the ban on crude exports will have on our nation's small businesses," said Amata. This is an important issue, which if addressed properly has the potential to significantly and positively affect our rapidly growing national deficit and provide jobs to an estimated-additional 500,000 to 1.75 million people by 2025," stated Congresswoman Amata.
Congresswoman Aumua Amata engages Dr. Medlock during the HSBC hearing on the Crude Oil Export Ban
The House Small Business Committee(HSBC) hearing entitled, Crude Intentions: The Untold Story of the Ban, the Oil Industry, and America's Small Businesses was held to examine the possibility of lifting the crude oil export ban and the effect its' removal will have on small businesses in the United States. The HSBC invited witnesses from across the industry to get their take on the issue and examine the opposing perspectives.
While the domestic oil and gas industry has seen unprecedented growth in recent years and the increase in American crude oil production has resulted in an abundant supply; the crude oil export ban is restricting the movement of crude oil over-supply in the United States and impacting small businesses throughout the industry.
"Mr. Chairman, it is high-time that we lift this unnecessary, outdated and misguided ban, and move the United States forward into the 21st Century as the world leader in energy production and exports," said Amata.
During the hearing, Congresswoman Amata also engaged Dr. Kenneth Medlock, Senior Director of Rice University's Baker Institute for Public Policy to get a better idea of how the U.S. Territories would benefit should the ban be lifted.
"Recognizing the economic and geographic isolation of the island I represent, American Samoa and considering that energy consumption in island states and U.S. Territories is almost entirely based on imported petroleum, what benefits, do you foresee reaching the U.S Territories should the export ban be lifted?" asked Amata. Dr. Medlock's response was encouraging and supported the position of removing the ban on crude oil exports.
# # #