McCaul Statement on Commerce Department Approval of Crude Oil Swaps With Mexico
McCaul Statement on Commerce Department Approval of Crude Oil Swaps With Mexico AUSTIN, TX–Today, following the announcement that the U.S. Commerce Department has approved limited sales of U.S. crude oil to Mexico, Congressman Michael McCaul, author of the Crude Oil Export Act, released the following statement. McCaul: "I welcome the news that the U.S. is finally taking steps to open its crude oil market to Mexico. In the wake of last year's historic reforms to Mexico's energy sector, which ended a 70 year government controlled monopoly, it is about time for the U.S. to end our own antiquated energy policies starting with the crude oil export ban. While oil ‘swaps' with Mexico is a step in the right direction, it is still a highly regulated and inefficient way of doing business with our neighbor and third largest trading partner. I continue to support repealing the entire ban on crude oil exports. We should start by treating Mexico the same as Canada and promote policies that maximize the efficient distribution of energy resources across North America." ### |