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Energy Tomorrow Blog

Energizing Illinois

analysis  illinois  income  energy  crude oil  exports  pricewaterhousecoopers  revenue  wood mackenzie 

Reid Porter

Reid Porter
Posted July 28, 2015

Our series highlighting the economic and jobs impact of energy in each of the 50 states continues today with Illinois. We started the week with a look at North Dakota. All information covered in this series can be found online here, arranged on an interactive map of the United States. State-specific information across the country will be populated on this map as the series continues.

As we can see with Illinois, the energy impacts of the states individually combine to form energy’s national economic and jobs picture: 9.8 million jobs supported and $1.2 trillion in value added.

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Energizing North Dakota

analysis  north dakota  crude oil exports  lng  oil and natural gas development  pricewaterhousecoopers  regulation  wood mackenzie 

Reid Porter

Reid Porter
Posted July 27, 2015

Our series highlighting the economic and jobs impact of energy in each of the 50 states continues today with North Dakota. We started our focus on the state level with Virginia on June 29. All information covered in this series can be found online here, arranged on an interactive map of the United States. State-specific information across the country will be populated on this map as the series continues.

As we can see with North Dakota, the energy impacts of the states individually combine to form energy’s national economic and jobs picture: 9.8 million jobs supported and $1.2 trillion in value added.

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Energizing Oregon

analysis  oregon  crude oil exports  income  lng  oil and natural gas development  pricewaterhousecoopers  regulation  wood mackenzie 

Reid Porter

Reid Porter
Posted July 24, 2015

Our series highlighting the economic and jobs impact of energy in each of the 50 states continues today with Oregon. This week started with Maine and the series began with Virginia on June 29. All information covered in this series can be found online here, arranged on an interactive map of the United States. State-specific information across the country will be populated on this map as the series continues.

As we can see with Oregon, the energy impacts of the states individually combine to form energy’s national economic and jobs picture: 9.8 million jobs supported and $1.2 trillion in value added.

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Action Item: U.S. Oil Exports

analysis  crude oil  energy exports  global markets  domestic production 

Mark Green

Mark Green
Posted July 14, 2015

A potential nuclear deal with Iran that would permit the Iranians to resume exporting crude oil to global markets – short-term and long-term – underscores questions about our own oil export policies. Here are two: What are the implications of Iranian crude oil exports for U.S. production? And: When will our government lift de facto sanctions against the export of U.S. oil?

Bloomberg reports that Iran’s oil minister says the country can increase exports by 500,000 barrels a day as soon as economic sanctions are lifted, then an additional 500,000 barrels a day in the following six months. Richard Nephew of Columbia University’s Center on Global Energy Policy is less optimistic about that kind of ramp-up. The U.S. Energy Information Administration (EIA) has said Iran could reach 700,000 barrels per day by the end of 2016.

The point is, if there’s a nuclear deal that lifts economic sanctions against Iran, Iranian oil will be getting to market.

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U.S. Oil Exports: ‘The World Will Be a Safer Place’

analysis  energy exports  crude oil  production  economic benefits  american petroleum institute 

Mark Green

Mark Green
Posted July 10, 2015

The compelling case for lifting America’s decades-old ban on exporting domestic crude oil is multi-faceted.

There's the economic case, with NERA Economic Consulting estimated that lifting the ban could add $200 billion to $1.8 trillion to the U.S. economy between now and 2039. There's the case for consumers, with a variety of studies indicating that lifting the ban could lower prices at the fuel pump from 1.7 cents per gallon to up to 12 cents per gallon. There's the foreign policy case and the way home-grown crude oil could affect global relationships, helping allies and potentially neutralizing the ability of adversaries to use energy as a diplomatic weapon. Then there's the energy case. Domestic production, spurred by greater access to global crude markets, could grow by 2.1 million barrels per day to 4.3 million barrels per day over levels under the status quo, according to NERA.  

Certainly, each of these was argued again at a pair of Capitol Hill hearings, one by the House Agriculture Committee (video) and another by the Energy and Commerce Committee’s Energy and Power Subcommittee  (video).

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Energizing California

analysis  california  crude oil exports  energy development  income  oil and natural gas development  regulations  pricewaterhousecoopers  wood mackenzie 

Reid Porter

Reid Porter
Posted July 10, 2015

Our series highlighting the economic and jobs impact of energy in each of the 50 states continues today with California. We started our focus on the state level with Virginia on June 29 and continued this week with Missouri, Indiana, North Carolina and West Virginia. The energy impacts of the states individually combine to form energy’s national economic and jobs picture: 9.8 million jobs supported and $1.2 trillion in value added.

Information covered in this series can be found online here, arranged on an interactive map of the United States. State-specific information will be populated on this map as the series continues. 

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Harnessing American Energy

news  energy exports  fracking  oil and natural gas development  russia  regulation  saudi arabia 

Mark Green

Mark Green
Posted July 7, 2015

Roll Call (Reps. Joe L. Barton and Henry Cuellar)The advantages of lifting the ban on crude oil exports are not just theoretical talking points discussed in the halls of Congress, but rather supported by a large and growing body of research by government agencies, academic institutions and think tanks across the political spectrum. The latest is a study released by the Harvard Business School and the Boston Consulting Group. It highlights the obvious benefits lifting the ban will have on American families and businesses, our economy and global allies.

The study discusses the changing U.S. energy landscape and the opportunities made possible by America’s new energy abundance. The fear of a crippling dependence on foreign oil that existed in the 1970s, when the export ban was put in place, is no longer applicable today. In fact, the U.S. is now the world’s top petroleum producer largely due to our recent ability to produce oil and natural gas from shale formations. The world has changed drastically in the past 40 years and it is time for our policies to accurately reflect the current conditions in which we now live. We must embrace the United States’ new leading role on the world energy stage and recognize the value it would create in our everyday lives.

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Continuing the Push for Crude Exports

news  crude oil  crude markets  energy exports  president obama  epa 

Mark Green

Mark Green
Posted June 23, 2015

Fuelfix.com President Barack Obama “understands” the argument for exporting U.S. crude, a leading Democratic advocate said Monday.

“He understands,” Sen. Heidi Heitkamp, D-N.D., said on CNBC’s “Squawk Box.” “He is in that category of understanding. I think his State Department understands how significant this could be to soft power. I think his Energy Department understands that this is bad economics and bad for the resource.”

Heitkamp stressed that she couldn’t speak for the administration, but added that “at the highest level, they understand this policy is not a good policy.”

Still, when it comes to the politically treacherous subject of widely exporting U.S. oil — which has been under heavy restrictions since the 1970s — “everybody wants to get together and . . . make a bipartisan decision to do this,” Heitkamp added.

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U.S. Energy Exports – To Stabilize World Supply

news  energy exports  crude oil  global markets  hess  oil imports  water management  refinery  lng exports 

Mark Green

Mark Green
Posted June 22, 2015

Wall Street Journal (Hamm) -- Amid news of a pending nuclear deal with Iran, some OPEC countries have struck agreements with refineries in Asia to avoid losing market share when Iranian oil comes back on the market. If U.S. policy will allow Iran to export oil, shouldn’t it allow America to do the same? Clearly, our allies would rather get their oil from America than Iran if given the choice. But without the ability to export, the U.S. is not even in the game.

Congress must lift the ban on U.S. crude oil exports. The ban is a terrible relic of the Nixon era that harms the American economy. As Sen. Lisa Murkowski (R., Alaska) has pointed out, restrictions on oil trade effectively amount to domestic sanctions. Combined with a mismatch in refining capacity, the ban on oil exports is creating a significant discount for U.S. light oil at no benefit to anyone except refiners and their foreign ownership. It has cost U.S. states, producers and royalty owners $125 billion in lost revenue in four years, according to industry estimates.

Foreign producers are using their heavy oil—and the U.S. ban on exports—as a weapon against America. Over the past three decades countries such as Venezuela, Mexico, Saudi Arabia and Canada have overtaken U.S. refining capacity to run their heavy crude in American refineries and capture a large portion of the U.S. market. Without firing a shot, they have disadvantaged American oil and interests.


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Exports, Sound Policy and Access to Reserves

news  energy exports  crude oil  biofuels  renewable fuel standard  arctic  shale energy 

Mark Green

Mark Green
Posted June 19, 2015

Energy & Environment Daily – Supporters of ending the ban on crude oil exports are mounting a full-court press to win over wary lawmakers, while keeping a close eye on global markets and the calendar.

Export backers in recent months have cited both national security and economic arguments as they look to line up the votes to repeal the decades-old ban. Earlier this week at a speech at the U.S. Energy Information Administration annual conference, Continental Resources Inc. founder Harold Hamm warned that maintaining the ban would cause U.S. production to fall by 1 million barrels a day (Greenwire, June 16).

EIA's own data from earlier this month pegged U.S. oil production at 9.6 million barrels per day in May, but predicted that amount to "generally decline" until early 2016 before picking up again.

However, EIA's latest forecast also noted the highest average monthly price of 2015 for the global oil benchmark -- Brent crude, which rose $5 a barrel in May. At the same time, U.S. average gasoline prices rose to $2.72 last month, a 25-cent increase over April and the highest of the year so far.

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