WASHINGTON, D.C. – U.S. Sen. Lisa Murkowski, R-Alaska, today issued the following statement regarding news that Petroleos Mexicanos (PEMEX) had filed an application to swap different grades of petroleum with the United States.
“Secretary Pritzker and the Department of Commerce retain full statutory and regulatory authority to consider oil exchanges and swaps. There is enormous precedent for such transactions involving ‘adjacent foreign states.’ The Ford, Carter, and Reagan administrations all supported a formal exchange program with Canada. Mexico – with which we are developing ever closer energy ties – deserves the same consideration.”
In April 2014, Murkowski testified in favor of such exchanges at a U.S. House Foreign Affairs subcommittee. In May 2014, she released a staff report documenting the historical precedent surrounding oil exchanges.