NEW YORK TIMES
December 13, 2013
An energy independent and net exporter of energy as a nation has the potential to change the security environment around the world – notably in Europe and in the Middle East — General Martin Dempsey, Chairman of the Joint Chiefs of Staff
Gasoline costs are tied to a global market; additional crude oil exports could help increase supplies, put downward pressure on the prices at the pump and create more jobs right here at home. Access to customers abroad could drive significant new investment in U.S. production, helping to strengthen our energy security. Now that the U.S. is poised to become the world’s largest oil producer, the economic case for exports is clear.
Harnessing the benefits of America’s energy revolution will require lawmakers and regulators to reexamine policies that were enacted long before the U.S. transitioned from a period of energy scarcity to our current position: one of energy abundance. of energy abundance. America has steadily increased its crude oil production over the past decade, and in 2015, the country is projected to produce over 85 percent more crude oil than it did in 2008. The United States is currently the world’s largest oil producer, including crude oil as well as liquids separated from natural gas according to Bank of America Corp.
As we grow as an exporter, U.S. energy leadership has the potential to bolster America’s allies, expand our geopolitical influence, and strengthen the global energy market against future disruptions.
This is a new era for American energy, but our energy trade policies are stuck in the 1970s. The U.S. and China are the only major oil producers in the world that don’t export a significant amount of crude. It’s time to let free trade unlock more of the benefits of our energy abundance for U.S. consumers and further strengthen our position as a global energy superpower. The first step is lifting our own self-imposed crude export restrictions. We also must work holistically to modernize America’s energy infrastructure and facilitate the efficient flow of resources from producer, to refiner and to customer.
U.S. refineries are mostly designed to process heavy (rather than light) crudes. Essentially, all current and projected increases in U.S. crude production have been in light sweet crude, meaning that the U.S. has much to gain by exporting this light crude
It’s often argued that the United States shouldn’t be an oil exporter as long as it’s an oil importer. This ignores history and also the fundamentals of free trade
Consumers don’t buy crude oil. They buy fuel. And the prices of refined products – like gasoline – are set by a global market
Crude Oil Exports Would Put Downward Pressure on U.S. Gasoline Prices
The Impacts of U.S. Crude Oil Exports on Domestic Crude Production, GDP, Employment, Trade, and Consumer Costs — ICF International and EnSys Energy
WASHINGTON, May 29, 2014—A new state-bystate analysis shows that 18 U.S. states could gain over 5,000 jobs each in 2020 from exports of U.S. crude oil, said API Vice President for Regulatory and Economic Policy Kyle Isakower
Recent studies confirm that consumers and the nation benefit from lifting the ban on crude oil exports. Both ICF and IHS have released extensive reports on the tremendous economic benefits
U.S. Energy Secretary Ernest Moniz, Executive Director of the International Energy Agency Maria van der Hoeven, Sen. Lisa Murkowski (R) of Alaska, Sen. Mary Landrieu (D) of Louisiana, Managing Director of Commodity Research at Citigroup Ed Morse, Reuters Analyst John Kemp, Citigroup Analyst Seth Kleinman, President of RBN Energy Rusty Braziel, Business Columnist David Nicklaus
Wall Street Journal, Washington Post, Chicago Tribune, Boston Herald, Bloomberg, Greeley Tribune, Oil and Gas Journal
Energy Tomorrow is a project of the American Petroleum Institute – the only national trade association that represents all aspects of America’s oil and natural gas industry – speaking for the industry to the public, Congress and the Executive Branch, state governments and the media.