Washington – Business Roundtable today endorsed H.R. 702, a bill to lift the nearly 40-year-old ban on crude oil exports, introduced by Representative Joe Barton (R-TX) and championed by House Energy and Commerce Committee Chairman Fred Upton (R-MI).

“The time has come to end the 1970s-era ban on U.S. oil exports,” said Nicholas K. Akins, Chairman, President and Chief Executive Officer of American Electric Power and Chair of the Business Roundtable Committee on Energy and Environment. “The United States is now the world’s number one producer of liquid fuels. America’s business leaders believe that removing export restrictions will further enhance the U.S. energy sector and strengthen America’s strategic position in the world.”

Business Roundtable has long championed greater international engagement as a means to boost U.S. economic growth and wages for American workers.

“Given the dramatic transformation of America’s energy sector, it is even more important for U.S. export policies to be based on principles of open, unbiased and rules-based international engagement. Business Roundtable is ready to work with the House and Senate energy committees to enact a more strategic national energy policy, including freer trade in energy resources,” said Akins.

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 that capitalizes on America’s strengths. Learn more about Business Roundtable positions on energy policy here and our 2015 growth agenda here.