Subscribe free to our newsletters via your
. Space Industry and Business News .




OIL AND GAS
EIA reviewing crude oil export ban
by Daniel J. Graeber
Washington (UPI) Nov 21, 2014


disclaimer: image is for illustration purposes only

The U.S. Energy Information Administration said an oil import tracking tool is meant to assess the impact of a "possible relaxation" of export restrictions.

U.S. crude oil imports have declined steadily since 2010, as output from domestic shale basins increase. In a weekly petroleum report, EIA said U.S. oil production was around 9 million barrels per day.

EIA said in a brief announcing the oil import tool it's meant highlight the internal market response to growing domestic crude oil production.

"It is one part of EIA's ongoing effort to assess the effects of a possible relaxation of current limitations on U.S. crude oil exports, which is another avenue to accommodate domestic production growth," the administration said in its Thursday brief. "EIA is undertaking further work on this larger question, and expects to issue more analysis reports over the coming months."

U.S. legislators restricted crude oil exports in response to the oil embargo from Arab members of the Organization of Petroleum Exporting Countries in the 1970s. There are no limitations of the export of petroleum products like gasoline and, more recently, some companies have started exporting an ultra-light form of domestic crude oil called condensate.

Australian company BHP Billiton in early November said it was the one that concluded condensate taken from the Eagle Ford shale play in Texas was legally eligible for exports.

The crude oil export debate in the United States has sparked reactions from the domestic upstream, or exploration and production, and downstream, or refining, sectors.

George Baker, executive director of the Producers for American Crude Oil Exports, said multiple studies have shown lifting the ban would have widespread economic benefits.

Thomas O'Malley, executive chairman of refining company PBF Energy, said the "only logistical conclusion" to make if the ban were lifted is that oil prices will increase, refiners will reduce gasoline production in response and prices at the pump will increase.

U.S. government and policy center studies have shown there would be some consumer benefits from easing the restrictions, though each found lifting the ban did little to eliminate crude oil imports.

U.S. Energy Secretary Ernest Moniz said crude oil export rules are under review.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








OIL AND GAS
One dead in Gulf of Mexico rig accident
New Orleans (UPI) Nov 21, 2014
There is no pollution associated with an explosion on a drilling platform about 12 miles off the coast of New Orleans in the Gulf of Mexico, a regulator said. The Bureau of Safety and Environmental Enforcement said it was notified by oil and gas operator Fieldwood Energy of an explosion on its Echo Platform. Fieldwood said one contract worker was killed and three other employees ... read more


OIL AND GAS
New form of crystalline order good for thermoelectric uses

Paris pop-up store immortalises shoppers with 3D printed figurine

Eurofighter unveils 1.0-billion-euro radar upgrade

Supercomputing progress slows

OIL AND GAS
Harris Corporation supplying Falcon III radios to Canadian military

GenDyn Canada contracted to connect military to WGS system

Northrop Grumman continues Joint STARS sustainment services

Harris Corporation opens engineering support facility

OIL AND GAS
Soyuz Installed at Baikonur, Expected to Launch Wednesday

Time-lapse video shows Orion's move to Cape Canaveral launch pad

SpaceX chief Musk confirms Internet satellite plan

Orbital recommits to NASA Commercial program and Antares

OIL AND GAS
Russia to place global navigation stations in China

Telit Introduces Jupiter SL871-S GPS Module

Galileo satellite set for new orbit

KVH Receives Order for Military Navigation Systems

OIL AND GAS
Royal Australian Air Force getting deployable air traffic management systems

Northrop Grumman updating aircraft targeting system

U.S. contracts CPI Aerostructures for F-16 wing components

US military looks for the elusive mothership

OIL AND GAS
Giving LEDs a cozy, warm glow

Magic tricks created using artificial intelligence for the first time

Researchers create and control spin waves for enhanced data processing

New technique to help produce next-generation photonic chips

OIL AND GAS
NASA Computer Model Provides a New Portrait of Carbon Dioxide

NASA's New Wind Watcher Ready for Weather Forecasters

GOES-S Satellite EXIS Instrument Passes Final Review

NASA Lining up ICESat-2's Laser-catching Telescope

OIL AND GAS
Study: Six toxic flame retardants found in humans

India sending 'chilling message' on environment: Greenpeace

Sickness stalks India village with toxic water

China's Xi says he checks pollution first thing every day




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.