Oil industry throws support behind energy reform bill

API President Jack Gerard (Bloomberg)
API President Jack Gerard (Bloomberg)

Efforts in Congress to update the country’s energy laws got the thumbs up from the oil industry Thursday.

In a letter to Senate Majority Leader Mitch McConnell, R-Ky., American Petroleum Institute President Jack Gerard said Thursday his group “strongly supports” the legislation, named the Energy Policy Modernization Act.

The bill “provides a streamlined process for natural gas export projects before the Department of Energy which will accelerate America’s rise as a world-class exporter of natural gas, create U.S. jobs, grow our economy, and significantly strengthen the global energy market,” he wrote.

The far-reaching bill is currently being debated in the U.S. Senate, where it is enjoying rare bipartisan support. Backers hope to have legislation up for a vote by next week.

By 1:30 p.m. in Washington Thursday, more than 80 amendments to the legislation had been filed, as negotiations continue.

Ltr Senate Leadership Support S 2012 Energy Policy Modernization Act