The Domestic Energy Producers Alliance is a nationwide collaboration of 15 coalition associations – from California to West Virginia, Texas to Montana – representing about 10,000 individuals and companies engaged in domestic onshore oil and natural gas exploration and production (E&P). We believe in seeking common ground, and in common sense solutions to the challenges that face us in our businesses, including our relationship with the federal legislative and executive branches of government. In only its fifth year, DEPA now represents a majority of the individuals and companies responsible for the current renaissance in American oil and natural gas production.
Washington, DC-based Brookings Institute published a new report September 9 in favor of lifting current US restrictions on the export of crude oil. The report [view] comes to the conclusion that discontinuing the export ban would help lower US gasoline prices for consumers, increase profits for producers and encourage more production on US soil - all of which are good for continued economic growth and productivity and American energy security.
Just before Congress slipped out of town for its two week Spring Recess—you may have seen pictures of Senate Majority Leader Mitch McConnell (R-KY), House Speaker John Boehner (R-Ohio) and House Democratic Leader Nancy Pelosi (D-CA)—traveling the world during the first two weeks in April, both the House and Senate passed their respective versions of the FY2016 budget.
Those two budgets now have to go to a conference committee where the two chambers will resolve their differences and then be voted upon by both chambers again; however, it is not expected that there will be many major changes during conference.
Thus it is important to take a look at what the House and Senate were up to regarding the very important issue of tax reform.
In politics, as in life, it is important to be able to walk and chew gum at the same time.
DEPA's agenda right now is a classic example of this.
The dramatic increase in US oil production has produced tremendous benefits for Americans. The federal government, however, has constrained many of those benefits by limiting the ability to export crude oil.
The law that prohibits the export of crude oil from the US was passed by Congress in the 1970s during a time of crude oil shortages, rising prices and even lines to purchase gasoline. A majority of Congress believed that it was wrong to allow the export of crude oil when there are shortages and lines at gas stations at home.
The Organization of Petroleum Exporting Countries doesn’t like Oklahoma. The worldwide oil cartel doesn’t care much for Texas or North Dakota either, or Ohio, Pennsylvania, California and New Mexico.
Those states hold significant shale oil and natural gas reserves, and the increased production of American oil has jeopardized the economic well-being of the oil-producing countries that make up OPEC.