Posted May 28, 2015
William S. Cohen: Why President Obama Should Export Crude Oil
Time: As the battle wages on in Congress over President Barack Obama’s signature trade agreements and the needed fast-track trade promotion authority (TPA), the president would be wise to consider alternatives that would enhance his trade legacy and also further our strategic priorities overseas. While energy is not included in the Trans-Pacific Partnership (TPP) or Transatlantic Trade and Investment Partnership (T-TIP) negotiations, many of the same Asian, European, and Latin American partners are calling for greater partnership with the United States on energy issues. By allowing the U.S. to become a stable source of supply to global energy markets, counteracting supply disruptions that will inevitably affect other energy-rich regions, President Obama and Congress can double down on promoting long-term economic growth and reinforcing U.S. foreign policy leadership.
The U.S. can do more with its energy resources to support this strategic vision. A direct way of leveraging this opportunity is to lift the ban on the export of crude oil and accelerate approvals for the export of liquefied natural gas (LNG). A series of policies and laws in the 1970s banned exports of U.S. crude oil with only limited exceptions. This ban is a relic from an age of energy scarcity and should be adjusted to reflect present realities. By working with Congress, and via executive order, the president can start taking steps today to boost U.S. exports.
Read more: http://ti.me/1EAvAVw
More industry news:
- We Are At the End of the Beginning of the Young U.S. Shale Oil Boom: http://onforb.es/1Rqx3ad
- Keystone Pipeline Wins Two Legal Battles in South Dakota: http://bit.ly/1PQuSzg
- ExxonMobil, Chevron Say No Thanks to European Peers on Climate: http://bloom.bg/1KAQ6xv
- America’s Energy – Virginia’s “Quiet Giant”: Pumped Storage Station Powers Hundreds of Thousands of Homes: http://bit.ly/1GGqey6
ABOUT THE AUTHOR
Mark Green joined API after a career in newspaper journalism, including 16 years as national editorial writer for The Oklahoman in the paper’s Washington bureau. Mark also was a reporter, copy editor and sports editor. He earned his journalism degree from the University of Oklahoma and master’s in journalism and public affairs from American University. He and his wife Pamela live in Occoquan, Va., where they enjoy their four grandchildren.