AISI Urges Support for Measure to Lift Oil Export Ban

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For Immediate Release
December 16, 2015

Contact: Lisa Harrison
202.452.7115 / lharrison@steel.org

WASHINGTON, D.C. – The American Iron and Steel Institute (AISI) today expressed support for a measure to remove the current ban on the export of domestic crude oil that is included in the year-end spending and tax package announced today. This legislation is scheduled to be voted on this week before Congress adjourns for winter break.

Thomas J. Gibson, president and CEO of AISI, said, “The steel products made by our member companies are essential for oil exploration, production, transmission, refining, and distribution. Removing this export ban will facilitate greater production of domestic energy resources and should create additional demand for high quality, American-made steel products – in addition to providing opportunities to strengthen the supply chain.

“Removing the existing U.S. ban on the export of domestic crude oil is consistent with AISI’s long-standing opposition to trade-distorting government policies. Foreign government restrictions on the export of steelmaking raw materials have been used to provide foreign steelmakers with preferential access to raw materials at artificially low prices,” Gibson added. “Such trade-distorting policies not only provide unfair competitive advantage to foreign steel industries, but have also contributed to the growth in global steel overcapacity that has fueled the surge in dumped and subsidized steel imports into the U.S. market and cost thousands of U.S. jobs. We are pleased that the measure to repeal the crude oil export ban is included in the bill today, and encourage all members of the House and Senate to support this important provision.”

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AISI serves as the voice of the North American steel industry in the public policy arena and advances the case for steel in the marketplace as the preferred material of choice. AISI also plays a lead role in the development and application of new steels and steelmaking technology. AISI is comprised of 19 member companies, including integrated and electric furnace steelmakers, and approximately 125 associate members who are suppliers to or customers of the steel industry. For more news about steel and its applications, view AISI's website at www.steel.org. Follow AISI on Facebook or Twitter (@AISISteel).