Washington – Business Roundtable today welcomed the passage of legislation included in the omnibus budget bill that would end the ban on the export of U.S. crude oil, a policy enacted during the 1970s.

“Business leaders representing every sector of the U.S. economy applaud Congress for voting to end the outdated ban on American oil exports,” said Nicholas K. Akins, Chairman, President and Chief Executive Officer of American Electric Power Company, Inc. and Chair of the Business Roundtable Committee on Energy and Environment. “The United States is now the world’s number one oil producer and removing this artificial export restriction will strengthen our nation’s strategic position in global energy markets.”

Business Roundtable has been a strong proponent of ending the oil export ban. Business leaders believe that U.S. export policies should be based on principles of open, unbiased and rules-based international engagement.

Business Roundtable earlier this year released an economic growth agenda that includes tax reform, expanded trade opportunities, immigration reform, fiscal stability, infrastructure investment and a more strategic approach to energy policy. Learn more about Business Roundtable positions on energy policy here and our 2015 growth agenda here.