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]
The New York Times
As a young reporter covering energy for The New York Times, I saw firsthand the distortions and inefficiencies caused by the web of regulations that followed the Arab oil embargo of 1973-74, and the resulting surge in gasoline prices.
So I shared in the frisson of excitement last month when the Commerce Department cleared two Texas companies to export an ultralight, processed form of oil called condensate. It seemed like a step toward relaxing the ban on the export of crude oil, the biggest stricture remaining from the '70s energy crisis.
But then the Obama administration quickly insisted that the Commerce Department, in narrowing the definition of crude oil so that condensate could be exported, was not about to lift the ban more widely. “There has been no change to our policy on crude oil exports,” a White House spokesman said.
That’s unfortunate, because America’s renewed hydrocarbon boom could be even more robust if we eased outdated restrictions on shipping both crude oil and liquefied natural gas overseas. [more]
Article by Sandra Y. Snyder, Richard Alonso & Grant B. MacIntyre
EPA suffered a major loss on May 30 when the DC Circuit refused to uphold EPA’s attempt to narrow the ruling in the Summit aggregation case to only the states in the 6th Cir.
Reversing more than 20 years of EPA practice, the Summit case directed EPA to refrain from using interdependency or the functional interrelatedness of various sources when making a determination regarding whether to aggregate the emissions from those sources for NSR and Title 5 permitting purposes. [more]
US shale player Continental Resources has applied to export some of its crude as an industry push intensifies to loosen a decades-old ban on most oil sales abroad, the company has confirmed.
Steve Bradley, vice president of oil marketing for the company, told a Houston conference that US regulators have not yet denied its permit request to the US Commerce Department, according to Dow Jones. [more]
The godfather of North Dakota's present oil bonanza predicted the state's crude production will double to 2 million barrels daily by decade's end but warned industry officials Thursday that future safety missteps would threaten that.
"We can't have any more issues," Harold Hamm, the chairman of Oklahoma City-based Continental Resources Inc., told expo-goers at the Williston Basin Petroleum Conference in Bismarck. "It has to be done in an absolute safe manner. It's going to take all of us." [more]