Dale Leppo , chairman of Leppo, Inc., and former chairman of the Association of Equipment Distributors (AED), testified at a House Small Business Committee hearing last week.
The hearing was focused on the ban on U.S. crude oil exports and what could happen if it were lifted. Leppo said that approximately 440,000 new jobs could be added to the shale supply and oil and gas industries by 2018 if the ban were lifted.
Leppo, Inc., is based in Ohio and specializes in equipment dealing and rental for construction applications. In his testimony, Leppo described the negative impact the ban has had on his company. Leppo said that if the ban were lifted, oil rigs in Ohio could have mitigated the impact of low oil and gas market trends at the end of 2014 by selling oil from the Ohio Utica Shale in the global market.
Leppo was forced to halt a hiring plan this year due to the market slowdown, and he suggested that the negative impact on his company from the ban is being felt throughout the energy supply chain industry.
The ban was a reaction to the 1973 oil embargo by OPEC, which drove up the price of crude. A Washington Post story said the ban was a way for the U.S. to protect itself against volatile global oil markets. Oil that has been refined into gasoline and diesel does not fall under the ban.
Leppo's testimony was made on behalf of the Energy Equipment and Infrastructure Alliance (EEIA).