for Crude Oil Exports
The boom in crude exports & the increased relevance of Houston in the trading world reflect significant improvements in energy security. But it’s important to keep the changes in context: The U.S. still imports a large amount of crude oil.
While there is no doubt that the U.S. has become an energy superpower, the main priority of the country should be strengthening overall energy security. One metric is the level of fuel choice in the transportation sector, which gives options to consumers and businesses so that they are not dependent on only petroleum.
With domestic production rising and OPEC reducing sales to Asia, the U.S. has taken advantage of shifting market conditions by shipping more crude to customers overseas. The U.S. exported an eye-opening 900,000 b/d of crude during Q1, with volumes going to 24 different countries.
The OPEC commission would examine whether the cartel’s behavior is designed to disadvantage U.S. oil producers and secure market power through anti-competitive behavior.
Even though the United States imports more oil now than when the crude oil export ban was put in place, experts and lawmakers largely agree the time has come to lift the restriction.
Increased domestic oil supply has bolstered American geopolitical clout, according to new research from Platts.
Kleinman: There’s no market rationale for U.S. crude exports, now that the Atlantic basin is glutted with supply and the differential between U.S. and global oil prices has narrowed.
There’s been a twist in the narrative of falling US oil production. US crude output continues to defy expectations, with the latest government data showing that output actually rebounded in July.
Jeb Bush has rolled out a domestic energy policy focused on cutting regulations and enabling exports of U.S. crude oil and natural gas.
Even as the Blue Dog Democrats get on board, the odds that Congress will reverse the ban on crude oil exports remain slim in the hyper-partisan campaign season.