WASHINGTON, February 5, 2015 ─ The final U.S. trade report for 2014 demonstrates the power of U.S. oil and natural gas production to drive economic gains, a trend that could accelerate under free trade policies, said API Chief Economist John Felmy. From 2013 to 2014, imports fell by $35.6 billion while exports rose by $8.1 billion among petroleum and petroleum products.”

“The U.S. energy revolution has transformed our trade balance, both in terms of driving down imports and driving up exports,” said Felmy. “We’re importing less oil than at any time in nearly 30 years, consumers are saving billions on energy, and tens of thousands of U.S. workers have jobs producing petroleum and petroleum products for export. Growth in the U.S. oil and natural gas industry served as the central pillar of U.S. strength in the international market last year, helping to offset categories of trade where U.S. businesses lost ground.

“Unfortunately, there’s a limit to how much we can grow as an energy superpower if U.S. oil and natural gas producers aren’t able to access the global market. We have every reason to protect and accelerate America’s growth by lifting outdated export restrictions.

“Our competitors overseas recognize that energy exports are a source of economic strength, and they are working to protect their market share. For the U.S. to grow as an energy leader, policymakers must embrace free trade, accelerate permits to export liquefied natural gas (LNG), and lift 1970s restrictions on crude oil.

“Study after study shows that free trade in crude oil will mean more jobs, downward pressure on fuel costs, and could reduce the power that foreign suppliers have over our allies overseas. If we act now, these benefits could be just the beginning.”

API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 25 million Americans.