Posted October 3, 2014
Booming Shale Energy Demands New Export Rules
The Hill Congress Blog (Dan Eberhart): America’s boom in shale oil and gas has given us a new tool to counter aggressive nations without firing a shot. That tool is energy abundance. With increased production and new techniques of extracting energy from shale, it’s time to break free from outdated shackles on U.S. crude oil exports.
In the 1970s, we were hogtied by energy scarcity. The U.S. suffered a devastating oil embargo during the mid-1970s courtesy of the Organization of Arab Petroleum Exporting Countries (OAPEC), and at the end of the six-month embargo, oil prices had quadrupled from $3 a barrel to nearly $12. Our country’s economy was crippled, and we faced the prospect of “stagflation” and wage and price controls.
By December 1975, President Gerald Ford signed the Energy Policy and Conservation Act (EPCA), a ban on most U.S. energy exports that remains in place today. At the time, export bans made sense; they preserved the resources we did have.
That was then, this is now.
Today, the ban is hurting our economy and global competitiveness. Lifting the crude export ban would tilt global markets, benefit the American consumer and bolster the US economy, restoring the US to the status of energy superpower.
Read more: http://bit.ly/Z1CzKf
More industry news:
Blog: Four Charts from Today’s BLS Employment Report: http://bit.ly/1pwQ4sb
Industry Needs New Pipefitting Talent to Meet Demand: http://bit.ly/1oDZCRR
U.S. Manufacturing: A Remembrance and a Look Ahead: http://n.pr/1vFb3hn
Why Everyone Who Lives in Alaska is Getting $1,884 Today: http://ti.me/1BDJ7Lw
U.S. Trade Gap Narrows in August, Exports Increase: http://on.wsj.com/1nTzcAT
Graduating with a $100K Oil Job: http://bit.ly/1yCDVLD
ABOUT THE AUTHOR
Mary Schaper is a Digital Communications Manager for the American Petroleum Institute. She previously worked on Capitol Hill for the Senate Energy and Natural Resources Committee as Digital Director and for Senator Lisa Murkowski. Before coming to D.C., she spearheaded digital strategy for Murkowski's successful Senate write-in campaign in 2010. Schaper enjoys traveling and taking in the local culture alongside her husband, their son and loyal springer spaniel.