The Great American Energy Surge

Mary Schaper
Posted December 18, 2013

The U.S.’s Crude Oil Policy

Washington Post: The United States again is one of the world’s great energy powers. On Monday, the U.S. Energy Information Administration projected that American crude oil output will peak at nearly 10 million barrels per day by mid-decade, up from 6.5 million last year. Last month, the International Energy Agency figured that the United States would overtake Saudi Arabia as the top oil producer, at least for a time. Yet some politicians remain unwilling to let the country reap the full benefits of this boon.

For decades, the government has imposed restrictions on exporting domestically produced crude oil but not on refined petroleum products such as gasoline and diesel fuel. This arrangement seemed sensible; the country’s crude business wasn’t booming, but its refining industry was an economic powerhouse deeply embedded in world energy markets.

Now, however, new drilling techniques have resulted in a revitalization of U.S. crude production. But oil firms export only a tiny fraction of the roughly 8 million barrels they extract daily, even though the oil often isn’t the sort U.S. refineries are set up to process. Understandably, they’d like a wider market in which to sell.

Read more: http://wapo.st/18RWgmz

More industry news:

• U.S. Oil and Gas Output this Year Will be Close to the Highest in U.S. History, Thanks to Shale: http://bit.ly/JIMTQb

• Strengthening the U.S. Position as the Leading Oil and Natural Gas Producer: http://bit.ly/1fFyG1c

• Keystone XL Pipeline Prepares for Start-Up of Southern Section: http://lat.ms/1cRBM1z

• The Shale Gas Boom is Saving Americans Money – but How Much? http://wapo.st/JIPt8W

• Editorial – Put the Brakes on Ethanol Racket: http://bit.ly/19dc5K9

• Study: Methane in 15 Percent of Upstate NY Wells: http://bit.ly/J61cNJ