PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Support Letter for H.R. 5814: Lifting the Ban on Crude Oil Export

By at 10 December, 2014, 3:52 pm

sbec

 

 

 

The Honorable Joe Barton

2107 Rayburn Building

Washington, DC  20515

 

Dear Representative Barton:

The Small Business and Entrepreneurship Council (SBE Council) is pleased to support H.R. 5814, a bill that lifts the 40-year ban on the export of crude oil from the United States.

As you know, the U.S. is in the midst of a historic energy revolution, and it is being led by small businesses and entrepreneurs. According to a new report released by SBE Council last month, new businesses and jobs in the U.S. energy sector are being created at a far greater pace than in the overall economy. Where entrepreneurship overall remains flat in the U.S., it is booming in the energy sector. Lifting the 40-year ban on crude oil exports will sustain the energy sector’s growth, and create additional jobs and business opportunities for workers and entrepreneurs.

In particular, SBE Council’s study found, that over the seven years covered in the study (2005-2012), the total number of small and midsize employer firms in the economy declined, but the number of small businesses in key energy sectors saw substantial growth. Specifically:

  • Oil and gas extraction businesses grew by 4.1 percent among firms with less than 20 workers and 4.8 percent among firms with less than 500 workers.
  • Businesses drilling oil and gas wells grew by 7.9 percent among firms with less than 20 workers and 11.3 percent among firms with less than 500 workers.
  • Businesses supporting oil and gas operations grew by 29.1 percent among firms with less than 20 workers and 31.3 percent among firms with less than 500 workers.
  • Construction businesses related to oil and gas pipeline and related structures grew by 12.2 percent among firms with less than 20 workers, and 12.5 percent among firms with less than 500 workers.
  • Manufacturing businesses related to oil and gas field machinery and equipment grew by 8.5 percent among firms with less than 20 workers and 14.7 percent among firms with less than 500 workers.

The study also found that while total U.S. employment declined by 0.3 percent from 2005 to 2012, jobs grew by 46.1 percent in the oil and gas extraction sector; 61.0 percent in the drilling oil and gas wells sector; 100.2 percent in the support sector for oil and gas operations; 66.1 percent in the oil and gas pipeline and related structures construction sector; and by 67.1 percent in the oil and gas field machinery and equipment manufacturing sector.  Again, small and mid-size firms are creating these job opportunities.

SBE Council believes increased energy production resulting from export opportunities will continue to be led and supported by small businesses and entrepreneurs, while creating quality jobs for our workforce.

Thank you for your leadership on this important issue. SBE Council looks forward to working with you on this important policy initiative that will produce energy affordability, security and economic opportunities for Americans.
Sincerely,

kksignature - Best

 

 

 

Karen Kerrigan

President & CEO

 

301 Maple Avenue West • Suite 100 • Vienna, VA 22180 • 703-242-5840 •

www.sbecouncil.org • @SBECouncil

Protecting small business, promoting entrepreneurship

News and Media Releases