On March 16, 2015 1:26 pm
About a dozen U.S. drilling executives, including ConocoPhillips Chief Executive Officer Ryan Lance, were in Washington this week trying to persuade White House officials and lawmakers to lift the 40-year ban on U.S. oil exports, according to two people familiar with the meetings.
Chief executives from the lobbying group Producers for American Crude Oil Exports, or PACE, met with White House senior energy policy adviser Brian Deese on Wednesday, seeking a rollback of the U.S. oil export ban imposed after the 1973 Arab oil embargo, according to two people who asked not to be identified because the discussions weren’t public.
Producers are eager to lift the ban because oil in the U.S. is selling for about $10 less than the global benchmark. The meeting preceded a report Friday by the International Energy Agency that record U.S. crude supplies may soon test the limits of the nation’s storage capacity, further threatening prices.