July 13, 2015

MSCI Joins Letter To Key Committee Urging Repeal Of Oil Export Ban

On July 8, the Energy Infrastructure and Investment Alliance, which MSCI is a member of, sent a letter to members of the U.S. House Energy and Commerce Committee urging them to pass H.R. 702, legislation that would repeal the U.S. ban on crude oil exports. In all, 22 national trade associations and two major labor unions, signed the letter. The committee held a hearing on H.R. 702, the day after the letter was sent. 

EEIA member and Gorman-Rupp Company Group President Mark Kreinbihl also testified at that hearing on behalf of EEIA and its members. 

The coalition letter argued opening global markets to U.S. producers would support added domestic production that will create hundreds of thousands of new jobs and contribute tens of billions of GDP dollars in the supply chain within the next few years. The letter also argued ending the ban will put downward pressure on domestic fuel prices, while allowing the United States to provide its allies and trading partners with an alternative to sourcing energy from unfriendly and unstable sources. Click here to read the full letter. 

To learn more about how ending the ban on crude oil exports would help the U.S. economy and its workers, check out this May 2015 Connecting the Dots article.