API calls for easing of oil export restrictions

Calling for exports: API president Jack Gerard

AFP/SCANPIX

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News Wires

 18 June 2012 02:11 GMT

As US oil production climbs to record levels, the world’s top oil consumer should eventually consider easing its restrictions on crude exports, according to the head of the American Petroleum Institute (API)

US oil production hit the highest quarterly level in 14 years in the first three months of 2012, the government said last week, as technologies including hydraulic fracturing allow drillers access to vast new reserves.

America's changing energy fortunes call for more support of domestic oil and gas production, and possibly an eventual shift in US energy export policy, API president Jack Gerard told Reuters in an interview.

"It's a serious consideration as we continue to produce more and more in this country," Gerard told the news agency at API's Washington…

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