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the Administration have the tools to fix this and we are encouraged by the growing bipartisan support to repeal this outdated policy.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 at that time.   

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