Exporting more US crude around the world would lower the price of gasoline for US drivers and benefit the US economy, according to a study release Tuesday.
While the conclusion may be counter-intuitive, the reasoning is straightforward. Exports would encourage more US oil production and put that crude on the global market. That would lower the global price of oil, the price that is linked most closely to the price of gasoline in the US.
Export of US crude oil have been banned, with few exceptions, since soon after the 1973 Arab oil embargo. [more]
Even as federal regulations become stricter and more onerous, momentum continues to grow for America’s oil and natural gas renaissance. In October 2011, the Domestic Energy Producers Alliance (DEPA) — an alliance of mostly small oil and natural gas producers, royalty owners and oilfield service companies, along with state and national oil and gas associations — predicted US energy independence by 2020.
With a unique grassroots approach to domestic onshore energy advocacy and education, DEPA is devoted to the survival of US oil and natural gas E&P. By taking an early lead on the issue of energy independence, DEPA successfully launched an effective campaign that has educated policymakers, regulators and the public about the role US independent producers have played in making energy independence a reality. [more]
New York Times
DENVER — Seeking to head off a costly election-year fight over oil and gas drilling that could threaten vulnerable Colorado Democrats, Gov. John W. Hickenlooper said Monday that he had reached a deal to keep two antifracking measures off November’s ballots.
The fight over fracking in a swing state that prizes its natural beauty and relies on its energy resources for jobs and tax revenues has become a monthslong headache for Democratic leaders, opening fissures within the party and between pro-energy moderates and environmental groups that want to impose tough limits on the oil and gas rigs sprouting up alongside subdivisions. [more]
US Senator Jim Inhofe (R-OK), senior member of the Environment and Public Works (EPW) Committee, introduced two bills today to address the listings of the American Burying Beetle (ABB) and the Lesser Prairie Chicken (LPC) under the Endangered Species Act (ESA).
Energy and Capital
News broke Thursday, July 24, that the first two shipments of US ultra-light oil, or condensate, have found buyers.
If you remember, we've been closely following condensate exports, and – as predicted – they have officially become the first step towards removing the ban on crude oil exports for the US. [more]