OAG360 Exclusive: Interview with Senate Energy and Natural Resources Committee’s Robert Dillon During her keynote speech this week at CERA Week, Senator Lisa Murkowski (Alaska) announced that she will be introducing legislation this year to repeal the U.S. crude oil export ban, and also changing the way the Senate Energy and Natural Resources Committee (ENRC) looks at legislation. Murkowski is
The export ban is keeping U.S. crude prices down The crude export ban in the United States is often referred to as an antiquated piece of legislation that prevents U.S. light sweet crude oil from reaching international markets. Much of the refining capacity in the U.S. is designed for heavier crudes, meaning U.S. producers need to price their oil at
U.S. refiners using most domestic oil in 29 years Refineries in the United States are relying on domestically produced crude oil now more than any other time since 1986. Domestic production and imports from Canada and Mexico made up 85% of crude processed at U.S. plants in January, the most since March 1986, reports Bloomberg. Crude output in the U.S.
United States exports of noncrude petroleum products increased for the 13th straight year in 2014, the Energy Information Administration said in a report on March 5, 2015. The U.S. averaged 3.8 MMBOPD in 2014 – an increase of approximately 10% from 2013. The overwhelming majority of the product remained in the western hemisphere, being sent to various ports in both
Reuters reports Enterprise Products Partners (ticker: EPD) has secured light crude oil export contracts with Mitsubishi’s Petro-Diamond Singapore and Vitol, an independent oil trader, for volumes of 40 MBOPD in 2015. The information comes from Reuters sources based on anonymity, but information arose last week about EPD seeking to expand its crude export cargoes. Although the export of raw crude
Representative Joe Barton (R-Tex) introduced a bill yesterday that would remove restrictions on crude oil exports from the United States. The bill plans to “remove all restrictions on the export of crude oil, which will provide domestic economic benefits, enhanced energy security, and flexibility in foreign diplomacy,” according to the bill’s text. “The shale revolution has drastically reshaped America’s energy
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