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Oil group chief: Amid price drop, US set to be global leader

January 6, 2015

WASHINGTON (AP) — The chief executive of the U.S. oil and gas industry’s top lobbying arm says plunging oil prices may hurt American companies in the short run.

But American Petroleum Institute chief Jack Gerard says increased U.S. production and dropping oil prices also mean the U.S. is on its way to being a global leader in oil production. He says falling prices have empowered the United States and weakened OPEC and Russia.

Gerard says the U.S. needs to maintain the right policies to secure a future that allows it to control its own interests.

He says the nation should lift a ban on exporting crude oil in order to serve growing global demand.

Gerard spoke at a “State of American Energy Event” in Washington.

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