Posted May 29, 2015
Lifting of U.S. Crude Oil Export Ban Possible Within Year - Analysts
Reuters: The U.S. Congress could lift the 40-year old ban on domestic crude oil exports within a year as a drop in gasoline prices and the potential return of Iranian oil to global markets makes it an easier measure for politicians to support, Bank of America Merrill Lynch analysts said on Thursday.
U.S. gasoline prices have dropped since last year along with global crude prices, thanks to strong crude output from the United States, Saudi Arabia and Iraq. On Thursday, the U.S. average for regular gasoline at the pump was nearly $2.74 a gallon, down from $3.65 a year ago, according to the AAA motorist club.
If that remains the case, it has the potential to allay politicians' fears that they could be blamed any rise in gasoline prices if the crude oil export ban was lifted. If talks between six global powers and Tehran on Iran's nuclear program reach a deal on June 30, sanctions on Iran's oil exports could be removed soon after. That could also put pressure on global oil and U.S. gasoline prices.
The analysts found "a surprising amount of support to remove the ban across members of the House and Senate," at a meeting they held with lawmakers, they said in a BofA Merrill Lynch Global Research report.
Read more: http://reut.rs/1HX4Y5W
More industry news:
- Letter – Lifting Oil Export Ban Would Lift North Dakota, U.S.: http://bit.ly/1FkgFAD
- U.S. Approves Non-FTA LNG Exports From Alaska Project: http://bit.ly/1FRLkJ9
- Industry Takes Issue With Proposed Federal Arctic Drilling Mandates: http://bit.ly/1RuMAFS
- Wisconsin’s Frac Sand Industry Booms: http://bit.ly/1KtfSAN
- ISIS Victories and Oil: http://bit.ly/1PSqa41
- Historic Red Pegasus Flies Again in Dallas, Complete With Oil Rig: http://reut.rs/1Buo7r8
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.