The People of America's Oil and Natural Gas Indusry

Energy Tomorrow Blog

100-days  lng-exports  crude-oil-exports  economic-growth  us-energy-security 

Mark Green

Mark Green
Posted February 13, 2017

A new era of U.S. energy exports is under way. The United States started freely trading crude oil in January 2016, following congressional legislation to end a 1970s-era ban on exports. The same month the first cargo of U.S. LNG produced from shale left Cheniere Energy’s Sabine Pass export terminal. Last month, export volumes from Sabine Pass reached a record 1.476 billion cubic feet of gas equivalent, according to Platts Analytics. Exports of LNG and crude oil both offer multiple economic benefits.

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crude-oil-exports  gasoline-prices  consumers  domestic-oil-production  eia34 

Mark Green

Mark Green
Posted September 9, 2016

Looking back, the weight of scholarship and analysis had predicted that, rather than cause higher pump prices here at home as some claimed, exporting domestic crude would put downward pressure on U.S. gasoline prices. In fact, that’s what we’re seeing – abundant crude oil supply benefiting American consumers. U.S. crude exports are part of that market dynamic – while also helping to support domestic production and strengthening America’s balance of trade.

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state-of-american-energy  poll  energy-policy  economic-security  ethanol  jobs  offshore-production  infrastructure  crude-oil-exports 

Jack Gerard

Jack Gerard
Posted January 7, 2016

At this year’s State of American Energy event, we highlighted the impact of energy policy on the lives and livelihoods of families and businesses in every state. The connection between policy and pocketbooks is evident after a year in which Americans saved an average $550 per driver on gasoline, due largely to strong U.S. oil and natural gas production. But to maintain the economic and security benefits of America’s 21st century energy renaissance, we’ll need to make smart policy choices that increase access to energy resources, encourage infrastructure development, rein in misguided ethanol policy and curb costly, duplicative regulations.

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state-of-american-energy  oil-and-natural-gas-production  economic-growth  jobs  us-energy-security  crude-oil-exports 

Mark Green

Mark Green
Posted January 5, 2016

There are many ways to gauge the current strength of American energy. The U.S. is producing nearly twice as much oil as it did less than a decade ago, which, combined with natural gas output, has made America the world’s leading producer.

Yet, the real-world impact of America’s energy revolution offers a more meaningful picture. New tensions are roiling the Middle East, yet global crude markets have remained relatively calm – unimaginable a few years ago. Meanwhile, a tanker carrying U.S. crude oil left port headed for Europe – the first since the lifting of America’s 40-year-old ban on domestic exports. There’s the reach of our energy revolution.

In his State of American Energy remarks, API President and CEO Jack Gerard focused on the growth of U.S. energy and its benefits – and also the opportunity to sustain them with sound energy policies based on facts and science.

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crude-oil-exports  lng-exports  economic-growth  oil-and-natural-gas-production  us-energy-security  trade 

Mark Green

Mark Green
Posted January 4, 2016

As we write, the United States is once again an exporter of crude oil. Sure, in the past the federal government has allowed limited crude exports. The oil tanker that left the Port of Corpus Christi, Texas, late last week is the bearer of the first freely traded U.S. crude in about four decades – made possible by congressional legislation that President Obama signed to end a 1970s-era ban on exports. It’s a new day indeed.

But wait, there’s more. Cheniere Energy  says it has begun liquefying natural gas at its new export terminal in Louisiana, setting the stage for its first LNG export cargo this month.

Both are big-time energy developments for the United States – opportunities created by a domestic energy revolution largely driven by safely harnessing vast shale reserves with advanced hydraulic fracturing and horizontal drilling. 

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crude-oil-exports  economic-growth  oil-production  jobs  us-energy-security 

Jack Gerard

Jack Gerard
Posted December 22, 2015

Almost exactly 40 years after it was instated, the ban on crude exports has been lifted. A relic of ‘70s-era energy scarcity, the ban makes no sense now that the United States leads the world in oil and natural gas production. Numerous studies have found that lifting the ban will help put downward pressure on gas prices, create jobs, grow our economy and lower our trade deficit.

Lifting the ban is also a security win for the U.S. and our allies. With the administration’s push to allow Iran to export its oil to the global market, it’s time for U.S. producers to have the same opportunity. Our allies around the world are eager to reduce their reliance on energy from less friendly nations.

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crude-oil-exports  congress  economic-growth  oil-production  white-house 

Mark Green

Mark Green
Posted December 15, 2015

That Congress soon may act to end the United States’ 40-year-old ban on domestic crude oil exports is signaled in the number of reports and posts on exports-related themes.

The Wall Street Journal has a report that talk of lifting the export ban is narrowing the difference between U.S. and global crude prices. The Council on Foreign Relations’ Michael Levi has this post discussing the impact of an exports deal on markets, the recent climate deal and geopolitics. National Journal reports on the legislative horse-trading some think could be part of lifting the exports ban. And there’s more.

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crude-oil-exports  crude-markets  oil-production  economic-growth  us-energy-security 

Mark Green

Mark Green
Posted December 9, 2015

The U.S. shale energy revolution is a game-changer – for the United States and the world’s energy balance. The U.S. has become the No. 1 producer of oil and natural gas, resulting from a domestic energy renaissance driven by advanced hydraulic fracturing and horizontal drilling – fracking. And the positive impacts are all around us.

U.S. crude imports are down, and American energy self-sufficiency is up. An America that’s more energy self-sufficient is more secure. Meanwhile, the global crude market is better supplied and more stable – thanks to the availability of crude that would have been imported to the U.S. Domestic pump prices reflect this well-supplied market. At the same time, greater use of natural gas has increased each American household’s disposable income by $1,200, and IHS says the benefit will grow to more than $3,500 in 2025. Thanks, fracking.

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crude-oil-exports  economic-growth  gdp34  jobs 

Mark Green

Mark Green
Posted December 8, 2015

The economy-wide arguments in favor of lifting America’s 40-year-old ban on crude oil exports are detailed in a number of recent studies. Some of ICF International’s numbers: up to 300,000 additional jobs in 2020 when crude exports are allowed; up to a $38 billion increase in U.S. GDP in 2020; $5.8 billion in estimated reduced consumer fuel costs per year, on average, 2015-2035; $15 billion to $70 billion of additional investments in U.S. exploration, development and production, 2015-2020; and a $13.5 billion increase in federal, state and local tax receipts attributable to GDP increases from expanding crude oil exports in 2020.

The economic boost is state and local as well. A study of the state-by-state impacts of lifting the crude oil export ban by ICF and EnSys Energy shows the economies in nearly every state would receive a boost in 2020, with nine state’s economies increasing by more than $1 billion. In addition, 18 states would gain more than 5,000 jobs each in 2020, according to the study.

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crude-oil-exports  domestic-oil-production  security  economic-growth  jobs 

Mark Green

Mark Green
Posted December 7, 2015

t’s good that Congress appears to be talking seriously about ending the United States’ four-decades-old ban on crude oil exports. Reports say Democrats and Republicans are discussing a deal that would include lifting the export ban – though it’s unclear what a specific deal would look like. “We need to have a conversation” about oil exports, Senate Minority Whip Dick Durbin told Politico. “We need to have a fair negotiation.”

Of course, we’ve been having a conversation about the merits of lifting the exports ban for some time. And it starts with this: Every major study on the issue has found that exporting U.S. crude oil would be good for America and Americans. The benefits range from those to consumers, to the economy, to American security to domestic energy production. According to the research, ending the outdated ban would positively impact all of the above.

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