PTI Mar 7, 2014, 11.50AM IST
WASHINGTON: An influential Senator has asked US President Barack Obama to lift restrictions on exports of natural gas, oil and coal to countries like India and China.
In his speech on the Senate floor, Republican Senator John Barrasso said the Obama administration should use its authority to make it easier for the US to export natural gas, oil and coal to American allies abroad.
"American crude oil exports would boost the world's oil supply, and help stabilise prices for American consumers. American exports would also undermine the influence of oil- rich countries that don't like us very much," he argued.
"For years, the US has asked Japan and India to reduce their imports of Iranian oil. Now, these are two of the world's largest oil importers. In 2012, Japan imported more than four per cent of its oil from Iran. India imported about eight per cent of its oil from Iran," he said.
"American crude oil exports could help cut off a vital supply of funding to the Iranian regime. If my colleagues are serious about ensuring countries abide by US sanctions on Iran, they should support American crude oil exports - not oppose them," Barrasso said.
Last year, he introduced a legislation, S192, the Expedited LNG for American Allies Act.
"This would require the Department of Energy to approve applications to export natural gas to members of NATO; to Japan; and to any other country where gas exports would promote US national security interests," he said.
"As Congress considers this legislation, President Obama should direct his Energy Department to expedite the existing permitting process. He should set firm deadlines for the Department in acting on pending applications," he said.
"These exports are going to create jobs all across this country - from natural gas fields in Wyoming, steel mills in the Midwest, ports along our coasts. Liquefied natural gas exports will also help reduce our nation's trade deficit, which stood at nearly USD 39 billion in December. Finally, natural gas exports will help our allies in Europe," he added.
Meanwhile, Senator Mark Udall, a senior member of the US Senate Energy and Natural Resources Committee, has introduced a legislation to expand the ability of energy firms to export liquefied natural gas to more countries around the world.
Currently liquefied natural gas can only be exported to countries with which the US has certain trade agreements or through agreements approved by a lengthy Department of Energy approval process.
Udall's common-sense and bipartisan bill would expand energy firms' access to World Trade Organization countries like Ukraine, Japan and India.