Colorado Business Leaders Unite to End the Oil Export Ban

Colorado Business Leaders Unite to End the Oil Export Ban

More than 90 entities tell Colorado’s Delegation to support legislation that lifts the ban

FOR IMMEDIATE RELEASE: DENVER (September 16, 2015) – Vital for Colorado, the Colorado Petroleum Council and more than 90 economic development groups, businesses and elected officials from across the state encourage the Colorado congressional delegation to support lifting the ban on oil exports.

“Lifting these 1970s-era restrictions could create new U.S. jobs, put downward pressure on fuel costs, and strengthen the energy security of America and its allies,” said Tracee Bentley, Executive Director of the Colorado Petroleum Council, a division of the American Petroleum Institute. “Colorado alone could gain nearly 5,000 jobs. This is a clear win-win for U.S. workers and U.S. allies seeking an alternative to energy from countries like Iran and Russia. It’s no wonder so many Colorado leaders support lifting this outdated ban.”

While the ban remains a federal issue, Colorado is particularly well positioned as an energy provider. With its vast oil supply, particularly in the Denver-Julesburg Basin, Colorado could be a prominent contributor to the country’s oil exports if the ban was lifted.

“Colorado is blessed with abundant oil and natural gas resources, which have served as key drivers of our economy,” said Robert Golden, President and CEO of the South Metro Denver Chamber, and Treasurer of Vital for Colorado. “And study after non-partisan study has illustrated the incredible benefits that would be realized if we lifted the ban on oil exports. From lower national gasoline prices to thousands of new, high-paying Colorado jobs, it’s high time for the outdated ban to go.”

Organizations from across the state have expressed their support for overturning this policy including the Colorado Association of Commerce and Industry (CACI), the Hispanic Chamber of Commerce of Metro Denver, the Northern Colorado Legislative Alliance (which includes the Loveland, Fort Collins and Greeley Chambers as well as Upstate Colorado), the Grand Junction Economic Partnership, the Greater Pueblo Chamber of Commerce, more than two dozen elected officials, and dozens more.

The letter submitted to Colorado’s federal leaders highlights some of the benefits that would result from lifting the crude oil export ban. The economic gains, according to study conducted by Englewood-based IHS, entitled US Crude Oil Export Decision: Assessing the Impact of the Export Ban and Free Trade on the U.S. Economy, include:

• $746 billion in additional economic investment and an average increase in domestic production of 1.2 million barrels per day
• $265 billion in overall savings for consumers, translating into as much as $391 in annual household savings
• Average increase in annual GDP of $73 billion
• Reduction of net petroleum imports between one and two million barrels per day
• Government revenue of $1.3 trillion between 2016 and 2030

Entities that have signed on in support of ending the United States ban on crude oil exports:

Aurora Chamber of Commerce

American Council of Engineering Companies of Colorado

Associated Builders and Contractors, Rocky Mountain

Brighton Economic Development Corporation

Castle Rock Chamber of Commerce

Chamber of Commerce of Highlands Ranch

Colorado Arborists and Lawncare Professionals

Colorado Association of Commerce and Industry

Colorado Association of Mechanical and Plumbing Contractors

Colorado Bankers Association

Colorado Business Roundtable

Colorado Competitive Council (C3)

Colorado Concern

Colorado Contractors Association

Colorado Farm Bureau

Colorado Oil & Gas Association

Colorado Republican Business Coalition

Common Sense Policy Roundtable

Craig Chamber of Commerce

Denver Energy Network

Denver Metro Commercial Association of Realtors

Denver South Economic Development Partnership

Douglas County Business Alliance

Douglas County Energy Coalition

Evans Area Chamber of Commerce

Fort Collins Chamber of Commerce

FUEL (Fostering Unity Energizing Leadership)

Grand Junction Economic Partnership

Greater Pueblo Chamber of Commerce

Greeley Chamber of Commerce

Hispanic Chamber of Commerce of Metro Denver

I-70 Regional Economic Advancement Partnership

Jeffco Economic Development Corporation

Keenesburg Area Chamber of Commerce

Loveland Chamber of Commerce

Metro North Chamber of Commerce

NAIOP-Colorado

NARO Rockies

Northern Colorado Economic Development Corporation

Northern Colorado Latino Chamber of Commerce

Northern Colorado Legislative Alliance

Northwest Douglas County Economic Development Corporation

Parker Chamber

Portland Cement Association-Rocky Mt. Region

Prime Rib Club of Brighton

Progressive 15

Rifle Regional Economic Development Corporation

South Metro Denver Chamber of Commerce

Upstate Colorado Economic Development

West Slope Colorado Oil and Gas Association

Western Energy Alliance

Representative John Becker

Commissioner Rod Bockenfeld

Representative J. Paul Brown

Representative Perry Buck

Senate President Bill Cadman

Representative Kathleen Conti

Commissioner Sean Conway

Commissioner Julie Cozad

Senator Larry Crowder

Representative Tim Dore

Commissioner Nancy Doty

Representative Justin Everett

Commissioner Mike Freeman

Senator Kevin Grantham

Senator Owen Hill

Senator Chris Holbert

Senator Cheri Jahn

Representative Janak Joshi

Commissioner Barbara Kirkmeyer

Representative Polly Lawrence

Senator Kevin Lundberg

Mayor Roy B. McClung

Commissioner Steve Moreno

Senator Tim Neville

Representative Dan Nordberg

Commissioner Ed Norden

Commissioner Don Rosier

Representative Lori Saine

Senator Ray Scott

Commissioner Libby Szabo

Commissioner Casey Tighe

Representative Yeulin Willett

Mr. John Andrews, Director, Centennial Institute, former President of the Colorado Senate

Ms. Kay Cary

Mr. Robert Cary

Ms. Deborah A. Deal, CEO IX Power Foundation, Inc. V.P. Marketing & Public Affairs, IX Power Clean Water

Ms. Tamara Door, President and CEO of the Downtown Denver Partnership

Ms. Simone Potter

Mr. William Potter

Mr. Troy McWhinney, Chief Investment Officer & Co-Founder, McWhinney

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About Vital for Colorado: Vital for Colorado is a broad coalition of business, civic and economic development leaders along with thousands of Coloradans from across the state. Its mission is to support and promote the benefits of energy production in Colorado, highlight energy resource extraction as a critical part of Colorado’s state economy, and support a rational, well-regulated, and competitive regulatory environment which allows energy production in the state to thrive responsibly.

Jonathan Ekstrom
Vital for Colorado
720.936.2393
Jon@deftcom.us

Rich Coolidge
Vital for Colorado
303.478.4276
rcoolidge@eissolutions.com