News Release

CME Group's Terry Duffy to Appear before the U.S. House Committee on Agriculture to Urge the Repeal of a Decades-Old Crude Oil Export Ban

Tue Jul 07 2015

CHICAGO, July 7, 2015 /PRNewswire/ -- CME Group Executive Chairman and President Terry Duffy will appear before the U.S. House Committee on Agriculture on Wednesday, July 8, to discuss How Lifting the Oil Export Ban Impacts the Rural Economy and Futures Markets. 

"In the 1970's, the U.S. government imposed a ban on the export of crude oil that put our nation's energy producers at a competitive disadvantage and harmed market efficiency," said Duffy.  "Repealing this decades-old ban would strengthen the position of the U.S. as an energy leader, benefit energy markets through more robust price discovery, and benefit our economy by eliminating needless barriers to trade in crude oil."

"The good news is that Congress and the Administration have the tools to fix this and we are encouraged by the growing bipartisan support to repeal this outdated policy. I applaud Chairman Conaway and Ranking Member Peterson, and urge Congress and the Administration to repeal the ban on crude oil exports and let the market decide."

The hearing is scheduled for 10 a.m. Eastern time in the Longworth House Office Building. Duffy's written testimony will be available on www.cmegroup.com at that time.   

As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex® electronic trading platform, its trading facilities in New York and Chicago, and through its London-based CME Europe derivatives exchange.  CME Group also operates one of the world's leading central counterparty clearing providers through CME Clearing and CME Clearing Europe, which offer clearing and settlement services across asset classes for exchange-traded contracts and over-the-counter derivatives transactions.  These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk.

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SOURCE CME Group

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