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Business Leaders in Colorado & Montana Support Lifting U.S. Crude Oil Export Ban

Business groups in Colorado and Montana held events this week to discuss the need to end the outdated ban on U.S. crude oil exports. Luncheon discussions hosted by economic development organizations and chambers of commerce in both states highlighted the job creation potential and economic benefits of lifting the ban to local and state economies.

In Denver, the Colorado Association of Commerce and Industry (CACI) joined with the Denver Metro Chamber of Commerce to sponsor the Wednesday luncheon panel that featured bipartisan speakers from a broad range of industries that are important to Colorado’s economy. Moderated by Vital for Colorado CEO Peter Moore, the panel featured members from the agriculture, Hispanic and business communities who spoke out in support of lifting the ban.

At the event, Janys Analytics Senior Advisor Chris Hansen explained to the audience how the ban is no longer necessary today given America’s new abundance of energy: “This ban, I think, has really outlived its usefulness. It was put in place in a very different era. It was something to help protect the U.S. economy at that point, and now it’s doing the opposite.”

Addressing arguments made by opponents of lifting the ban, Colorado Farm Bureau Executive Vice President Chad Vorthmann compared oil exports to commonly exported agricultural product, such as “wheat or corn” to illustrate his point: “It would be absurd to think that because we export so much wheat, bread prices are too high,” Vorthmann said, arguing that exporting goods helps to create market stability and will ultimately help lower prices at the pump for U.S. consumers.

Denver Business Leaders Discuss Lifting Crude Export Ban

Denver Business Leaders Discuss Lifting Crude Export Ban

On Thursday, the Montana Chamber and Billings Chamber of Commerce came together to host a similar luncheon discussing the benefits of lifting the ban. The event drew nearly 40 attendees, including representatives from construction and engineering, oil and natural gas and real estate industries.

Panelist Steve Arveschoug of the Big Sky Economic Development Authority discussed the importance of the oil and natural gas industry to the local economy as well as the industry’s role as a job creator across the economy: “Attorneys, accountants, you name it — we all have some sort of relationship to this industry.”

Another panelist, Montana Petroleum Association Executive Director Dave Galt, discussed how lifting the export ban “gives the U.S. an opportunity to be an international leader in energy policy.”

Billings Panel

Glenn Oppel of Montana Chamber of Commerce Discusses the Importance of Lifting the Ban

Here’s what the news media are saying about the events:

  • In Denver, bipartisan agreement that ban has ‘outlived its usefulness.’ “Advocates for lifting the crude oil export ban gathered here yesterday to discuss their hopes of repealing the 1970s-era restrictions, offering a plethora of ideas about increasing public support from social media messaging to addressing the longtime concerns that the United States’ oil supply could one day run dry.” (E&E News, 8/20/15)
  • Business, oil groups call for end of oil-export ban at Billings forum. “Facing low prices and a supply glut, oil industry executives called for an end to a 40-year-old federal ban on crude oil exports during a Billings forum Thursday. Lifting the ban would open new markets for producers and boost the economy in Eastern Montana, panel members told a luncheon group of about 40 at the Crowne Plaza hotel.” (Billings Gazette, 8/20/15)
  • Oil and gas producers in Montana are united in making America an exportation nation. “The United States is the only major crude oil country in the world with a self-imposed ban on exportation. That restriction has been in place for more than 40 years. But there is momentum in Congress and from local business to lift the ban now that the U.S. is on its way to producing more oil than it consumes.” (KTVQ TV, 8/21/15)

With momentum building for lifting the crude oil export ban, it is becoming very clear that business leaders, local elected officials and policy leaders across the country agree that allowing U.S. crude oil exports is smart economic policy.

Visit www.OilExports.com to learn more.


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