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PESA Hails Legislation Lifting Crude Export Ban, Making R&D Tax Credit Permanent

The Petroleum Equipment & Services Association (PESA) welcomes legislation set for passage by Congress that will modernize our nation’s crude oil export policies to reflect the United States’ leadership in energy and make permanent innovation-spurring research and development tax incentives.

“Through game-changing technological innovations and incredible success in driving efficiencies, PESA members and their employees have been leaders in building the U.S. energy revolution,” said Leslie Beyer, PESA President.  “The U.S. is now the world’s leading producer of oil and natural gas, and we need a crude oil export policy that reflects this role.”

“The combination of ending the outdated prohibition on exporting U.S. crude and making permanent research and development tax incentives will ensure that the oilfield service, supply, and manufacturing sector continues to be a leader in technology and innovation while providing economic growth and jobs in communities around the country,” said Beyer.

As the voice of oilfield service, supply, and manufacturing organizations, PESA supports policies that drive innovation, create and maintain jobs, and ensure energy security today and in the years to come.

The U.S. House of Representatives and the U.S. Senate are expected to vote on the legislation in the coming days.