Baton Rouge, Louisiana
7 Day Forecast
Follow our weather team on social media

Oil group CEO: Amid price drop, US set to be global leader

4 years 10 months 1 week ago Tuesday, January 06 2015 Jan 6, 2015 January 06, 2015 3:20 PM January 06, 2015 in News
Source: Associated Press

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.

More News

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
7 Days