Oil group CEO: Amid price drop, US set to be global leader
WASHINGTON - The CEO of the oil and gas industry's top lobbying arm says plunging oil prices may hurt American companies in the short run.
But American Petroleum Institute CEO Jack Gerard says increased U.S. production and dropping oil prices also mean the U.S. is on its way to being a global leader in oil production. He says falling prices have empowered the United States and weakened OPEC and Russia.
Gerard says the U.S. needs to maintain the right policies to secure a future that allows it to control its own interests.
He says the nation should lift a ban on exporting crude oil in order to serve growing global demand.
Gerard spoke at a "State of American Energy Event" in Washington.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Capital area prepares for St. Patrick's Day Parade
Student, worker arrested after fist fight between at local high school
Police: Man shot by deputy was having 'psychotic break', linked to nearby...
Video shows fist fight between student, worker at local high school
Visitation for fallen officer Chris Lawton