Energy Tomorrow Blog
The Crude Oil Exports Vote
crude oil exports crude oil production economic growth jobs
Mark Green
Posted October 7, 2015
The U.S. House has an important vote scheduled for Friday on legislation that would lift the 1970s-era ban on domestic crude oil exports. It’s an historic chance for U.S. policymakers to affirm that America’s energy picture is fundamentally and dramatically improved from where it was four decades ago – thanks to surging domestic production that has made the United States the world’s No. 1 producer of oil and natural gas.
It boils down to this: A vote for the bill would be a vote for U.S. jobs, economic growth, trade benefits and strengthened American security. It would be a vote for U.S. consumers and American global competitiveness. It would be a vote for America’s friends abroad, who see U.S. energy as a global supply diversifier and stabilizer. As one ally said earlier this year, with U.S. oil exports the “world itself will be a … safer place.”
The Crude Oil Exports Vote
crude oil exports domestic oil production economic growth jobs Energy Security
Mark Green
Posted October 7, 2015
The U.S. House has an important vote scheduled for Friday on legislation that would lift the 1970s-era ban on domestic crude oil exports. It’s an historic chance for U.S. policymakers to affirm that America’s energy picture is fundamentally and dramatically improved from where it was four decades ago – thanks to surging domestic production that has made the United States the world’s No. 1 producer of oil and natural gas.
It boils down to this: A vote for the bill would be a vote for U.S. jobs, economic growth, trade benefits and strengthened American security. It would be a vote for U.S. consumers and American global competitiveness. It would be a vote for America’s friends abroad, who see U.S. energy as a global supply diversifier and stabilizer. As one ally said earlier this year, with U.S. oil exports the “world itself will be a … safer place.”
Hillary, Politics and The Pipeline
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Mark Green
Posted September 23, 2015
At some point during the past seven years the Keystone XL pipeline ceased to exist only as an important project of energy infrastructure – one that could generate jobs, economic growth and strengthen U.S. energy security – and became a symbol for a narrow ideological agenda, a political football the White House has endlessly punted around to suit its own political needs. Little surprise, then, that Hillary Clinton has decided to join in the KXL kicking.
Crude Oil Exports, Imports and Fig Leaves
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Mark Green
Posted September 18, 2015
First, they said it was about protecting consumers. Opponents of lifting the U.S. ban on crude oil exports claimed that allowing domestic crude to reach the global market would negatively impact Americans at the gas pump. But every major economic study looking at the issue has blown away that fig leaf.
The studies – from Brookings Energy Security Initiative to IHS to the U.S. Energy Information Administration (EIA) – estimate that U.S. oil exports would put downward pressure on U.S. gasoline prices, benefiting American consumers.
There have been other fig leaves.
Exports opponents say America shouldn’t export crude as long as our country is an oil importer. They also say the U.S. should isolate its crude from the global marketplace for national security reasons and that for those reasons oil should be treated differently than other U.S. commodities that are freely traded. These, too, have been blown away by the facts and sound economic analysis.
Lift the Oil Export Ban, Strengthen America
analysis energy exports crude oil economic benefits american petroleum institute
Mark Green
Posted September 15, 2015
So here we are: Legislation that would end America’s 40-year-old ban on the export of domestic crude oil is moving through Congress – and better, there’s bipartisan momentum behind it.
Resistance to lifting the crude exports ban has no credible footholds – reflecting the breadth of the economic analysis supporting exports. There’s also the realization by most Americans that our country’s ongoing energy revolution has pretty much dashed the 1970s-era justifications for excluding American energy from the global marketplace, where it could be positively affecting global crude markets, stimulating production here at home and providing real energy aid to America’s allies.
Live Event: Impacts of the Crude Oil Exports Ban
analysis energy exports crude oil economic benefits production american petroleum institute Jack Gerard
Mark Green
Posted September 15, 2015
Join us Tuesday morning for a live event from Washington, D.C., that will explore the impacts of America’s crude oil exports ban on our economy, national security, foreign policy, the environment, consumers and more.
The event, hosted by National Journal and sponsored by API, is scheduled to begin at 8:45 a.m. API President and CEO Jack Gerard will introduce the event, followed by remarks from U.S. Sens. Heidi Heitkamp and John Hoeven, both of North Dakota, and Ed Markey of Massachusetts.
Progress on Crude Oil Exports
analysis energy exports crude oil gasoline prices congress american petroleum institute
Mark Green
Posted September 10, 2015
An important step forward this week for legislation to end America’s outdated, 1970s-era ban on domestic oil exports: passage of the bill by a U.S. House subcommittee. Next a full committee vote and, perhaps before too long, a vote by the entire House. Yet, challenges remain.
No doubt the full Energy and Commerce Committee debate will be more vigorous. But that doesn’t diminish this week’s historic progress on lifting the export ban – a true relic from America’s energy past. “This has been a long day coming,” said Rep. Joe Barton of Texas, the bill’s author.
As Barton explained, we’re at this point largely because of America’s energy revolution – the surge in domestic oil and natural gas production resulting from American innovation, technology, shale reserves and hydraulic fracturing and horizontal drilling.
New Ads: Economic, Security Reasons to Lift Crude Exports Ban
analysis energy exports crude oil economic growth american petroleum institute gasoline prices
Mark Green
Posted September 9, 2015
API has a pair of new ads that drive home the economic and national security reasons for lifting America’s 1970s-era ban on exporting domestic crude oil.
Here’s the national security spot. Click here for the ad that underscores the job and economic reasons for lifting the ban.
The television and online campaign launched this week in a dozen states – including Colorado, Florida, Illinois, Pennsylvania and Virginia – and the District of Columbia. The campaign is part of a broader push emphasizing the importance of updating U.S. energy policies to reflect America’s rise as a global energy superpower.
Momentum for Crude Oil Exports
analysis energy exports crude oil congress american petroleum institute domestic oil production
Mark Green
Posted September 8, 2015
It looks like last week’s U.S. Energy Information Administration (EIA) report pointing out the benefits of exporting domestic crude oil is pushing Washington policymakers closer to ending the 1970s-era ban on exports. McClatcheyDC reports:
Momentum is growing to lift the 40-year ban on exporting U.S. oil to foreign nations, with a federal report concluding that doing so wouldn’t raise gasoline prices. Congress could vote on proposals when it returns from its summer vacation after Labor Day. Rep. Joe Barton, R-Texas, said he has “green lights” from the House Republican leadership, and is confident the House will pass a bill on ending the ban this fall. “It is up to this Congress to examine the issue and move towards a better policy that reflects the reality of America today, not the America of 1975,” Barton said in an email.
It may be that EIA’s report marks “critical mass” in terms of how much research backing crude exports is needed to move the needle in Washington – saying, as a number of previous studies projected – that exporting U.S. oil won’t negatively affect consumers and will spur domestic production. EIA’s report addresses the White House’s chief concern, about the impact of a policy change on U.S. energy prices. And this week an important House subcommittee is scheduled to vote on legislation that would lift the export ban.
American Energy, Markets and Prices
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Mark Green
Posted September 4, 2015
The U.S. Energy Information Administration (EIA) reports that the average retail price for regular gasoline on Aug. 31 was $2.51 per gallon – the lowest price for the Monday before Labor Day since 2004 and 95 cents lower than the Monday before Labor Day last year. EIA explains:
Declines in crude oil prices are the main driver behind falling U.S. gasoline prices. Lower crude oil prices reflect concerns about economic growth in emerging markets, expectations of higher oil exports from Iran, and continuing actual and expected growth in global crude oil inventories.
Certainly, the global markets for a variety of commodities may be influenced by concerns, feelings and inklings of one kind or another. Let’s focus on the tangible reason EIA cites for lower global crude prices – hence, lower prices at U.S. pumps: growth in global crude oil inventories. That refers to production and supply to the market. The story behind that story is that over the past six or seven years, the United States has led the world’s top suppliers of petroleum and other liquids in production and rate of production growth.