PACE Statement on Approval of Mexico Crude Oil Swaps

Washington, D.C. – Producers for American Crude Oil Exports (PACE) executive director George Baker issued the following statement in reaction to the U.S. Department of Commerce approval of crude oil swap applications from Mexico:

“We welcome the Commerce Department’s decision to approve limited crude oil swaps with Mexico. Given the mismatch between the crude oil produced in the U.S. – mainly light sweet crude – and our refinery configuration – which processes more medium and heavy crudes — this decision by the Commerce Department was seemingly a no-brainer. That said, it is a very small step towards removing the crude oil export ban and allowing the U.S. to fully realize its status as a global energy superpower.

“We look forward to working with the Administration and Congress in the coming weeks and months to take that next step and lift the ban on crude oil exports which will create and protect jobs, spur investment and economic growth while providing meaningful consumer and national security benefits.”

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