A top American lawmaker has called for lifting of the US' ban on oil exports -- a move that could benefit countries like India.
"Lifting the ban will bring an array of benefits to our nation: more jobs, more revenues, more production, more security, and more diplomatic leverage on the international stage," Senator Lisa Murkowski said.
"You don't have to take my word for that, you can also look at the growing list of experts and studies that agree with my analysis," Murkowski said.
Chairwoman of a key Senate Energy panel, Murkowski, released a report "Rendering Vital Assistance: Allowing Oil Shipments to US Allies," which she argues that even while Congress works to remove the export ban, the administration already has authority, explicitly delegated to it by Congress, to allow for greater oil exports.
"Many US allies and trading partners are interested in purchasing American oil to diversify away from Russia, Iran and other problematic sources," Murkowski said.
Allowing such shipments would send a powerful signal of support and reliability at a time of heightened geopolitical tensions in much of the world, she said.
"The mere option to purchase US oil would enhance the energy security of countries such as Poland, Belgium, the Netherlands, India, Japan, and South Korea, even if physical shipments did not occur," the Senator said.
Murkowski, chairman of the Senate Energy and Natural Resources Committee, has long supported ending the outdated ban on crude oil exports.
The Congressional hearing examined the Energy Supply and Distribution Act of 2015, authored by Murkowski, chairman of the Senate Energy and Natural Resources Committee.
The bill would authorise the export of all forms of crude oil and condensate produced in the United States.
According to the report, in 2012, India produced just over 800,000 barrels per day of crude oil but imported more than three times that amount.
The country is approximately 76 per cent dependent on crude oil imports, the vast majority (69 per cent) from the Middle East -- including 279,000 barrels per day from Iran in 2014, according to the International Energy Agency.
There were 22 refineries in India in 2012 with approximately 4.4 million barrels per day in refining capacity.
In 2014, the US imported over 90,000 barrels per day of refined products -- mostly motor gasoline blending components -- from India.
"The two nations are strategic partners with growing bilateral economic and security ties," the report said.
