Download or read book U s Crude Oil Export Policy written by Congressional Research Service and published by CreateSpace. This book was released on 2014-12-31 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: During an era of oil price controls and following the 1973 Organization of Arab Petroleum Exporting Countries oil embargo, Congress passed the Energy Policy and Conservation Act of 1975 (EPCA), which directs the President “to promulgate a rule prohibiting the export of crude oil” produced in the United States. Crude oil export restrictions are codified in the Export Administration Regulations administered by the Bureau of Industry and Security (BIS)—a Commerce Department agency. Generally, U.S. crude oil exports are prohibited, although there are a number of exemptions and circumstances under which crude oil exports are allowed. The President has authority to allow certain crude oil exports if an exemption is determined to be in the national interest. In 2009, a decades-long U.S. oil production decline was reversed due to the application of advanced drilling and extraction technologies to produce tight oil, generally light/sweet crude primarily located in Texas and North Dakota. Limited demand for tight oil and condensate being produced in the Texas/Gulf Coast region may result because certain refiners in that region are currently configured to process heavier crudes. As a result, oil producers and industry analysts are projecting an oversupply of light oil, which could lead to price discounts and lower production should export restrictions remain. However, the industry is dynamic, and refiners can modify operating configurations and add equipment in order to accommodate more light crude volumes. Price discounts may be needed to motivate such changes. The effect on domestic gasoline prices is a major consideration, among several, associated with allowing crude oil exports. Commercial studies and federal government analysis suggests that gasoline prices are correlated to international crude oil prices—since gasoline and other petroleum products can be exported without restriction—and U.S. gasoline prices could possibly decrease if crude oil exports were allowed. However, the projected decreases—assuming ~$100 per barrel crude oil prices—are relatively small and range from $0.02 to $0.12 per gallon. Congress may choose to consider crude oil export policy options that could range from maintaining existing restrictions to eliminating the prohibition on crude oil exports. During the 113th Congress, four bills were introduced that would have eliminated crude oil export restrictions: H.R. 4286, H.R. 4349, S. 2170, and H.R. 5814. Some Members of Congress have expressed the desire to maintain crude oil restrictions. However, maintaining restrictions might not prevent more crude-oil-like material from being exported, because varying interpretations of existing regulations may allow for more exports. The crude oil definition in the export regulations is open to interpretation and has many undefined terms that the industry may explore with the objective of determining the minimum amount of crude oil processing necessary that would result in an exportable product. It is not clear how broadly or narrowly BIS might interpret existing laws and regulations. Finally, Congress may choose to explore other options between eliminating and maintaining restrictions. Examples may include allowing exports of lease condensate—an ultralight hydrocarbon that is typically produced with natural gas—allowing unrestricted exports to Mexico since exports to Canada are not restricted, allowing a certain type of crude (i.e., light/sweet) from a certain location (i.e., Texas) to be exported—much like the California heavy crude oil export exemption—or allowing crude oil exports for a limited time period since U.S. oil production growth is uncertain and may, according to the Energy Information Administration, peak in 2020. The President has the authority to make national interest determinations that would allow for more crude oil exports.
Download or read book U S Crude Oil Export Policy written by Congressional Research Service and published by CreateSpace. This book was released on 2014-07-14 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: During an era of oil price controls and following the 1973 Organization of Arab Petroleum Exporting Countries oil embargo, Congress passed the Energy Policy and Conservation Act of 1975 (EPCA), which directs the President “to promulgate a rule prohibiting the export of crude oil” produced in the United States. Crude oil export restrictions are codified in the Export Administration Regulations administered by the Bureau of Industry and Security (BIS)—a Commerce Department agency. The President has some powers to allow certain crude oil exports if an exemption is determined to be in the national interest.
Download or read book Oil Export Issues written by United States. Congress. House. Committee on Foreign Affairs. Subcommittee on International Economic Policy and Trade and published by . This book was released on 1990 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Crude Oil Export Ban Helpful Or Hurtful written by United States. Congress. House. Committee on Foreign Affairs. Subcommittee on Terrorism, Nonproliferation, and Trade and published by . This book was released on 2015 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Crude Oil Exports written by United States. Congress. House. Committee on Resources and published by . This book was released on 1995 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Distributed to some depository libraries in microfiche.
Download or read book Export Restrictions on Domestic Oil written by Mark C. Trexler and published by . This book was released on 1982 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book U S Crude Oil Export Policy written by United States. Congress. Senate. Committee on Energy and Natural Resources and published by . This book was released on 2015 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Crude Oil Export Restrictions written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2018-05-10 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Crude Oil Export Restrictions: Studies Suggest Allowing Exports Could Reduce Consumer Fuel Prices
Download or read book Changing Crude Oil Markets written by U.s. Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-07-27 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: " Almost 4 decades ago, in response to the Arab oil embargo and recession it triggered, Congress passed legislation restricting crude oil exports and establishing the SPR to release oil to the market during supply disruptions and protect the U.S. economy from damage. After decades of generally falling U.S. crude oil production, technological advances have contributed to increasing U.S. production. Meanwhile, net crude oil imports-imports minus exports-have declined from a peak of about 60 percent of consumption in 2005 to 30 percent in the first 5 months of 2014. According to Energy Information Administration forecasts, net imports are expected to remain well below 2005 levels into the future. GAO was asked to provide information on the implications of removing crude oil export restrictions. This report examines what is known about (1) price implications of removing crude oil export restrictions; (2) other key potential implications; and (3) implications of recent changes in market conditions on the SPR. GAO reviewed four studies on crude oil exports, including two sponsored by industry, and summarized the literature and views of a nonprobability sample of stakeholders including academic, industry, and other experts. "
Download or read book Changing Crude Oil Markets written by and published by . This book was released on 2014 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Almost 4 decades ago, in response to the Arab oil embargo and recession it triggered, Congress passed legislation restricting crude oil exports and establishing the SPR to release oil to the market during supply disruptions and protect the U.S. economy from damage. After decades of generally falling U.S. crude oil production, technological advances have contributed to increasing U.S. production. Meanwhile, net crude oil imports (imports minus exports) have declined from a peak of about 60 percent of consumption in 2005 to 30 percent in the first 5 months of 2014. According to Energy Information Administration forecasts, net imports are expected to remain well below 2005 levels into the future. GAO was asked to provide information on the implications of removing crude oil export restrictions. This report examines what is known about (1) price implications of removing crude oil export restrictions; (2) other key potential implications; and (3) implications of recent changes in market conditions on the SPR. GAO reviewed four studies on crude oil exports, including two sponsored by industry, and summarized the literature and views of a nonprobability sample of stakeholders including academic, industry, and other experts. In view of changing market conditions and in tandem with activities to assess other aspects of the SPR, GAO recommends that the Secretary of Energy reexamine the size of the SPR.
Download or read book U S Crude Oil Export Policy written by Committee on Energy and Natural Resource and published by CreateSpace. This book was released on 2015-06-30 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: The unconventional energy revolution in the United States over the last several years has brought about a new era of energy abundance in the United States. Crude oil production has increased significantly, from 5 million barrels per day in 2008 to over 9 million barrels per day today. In 2013, the United States surpassed Saudi Arabia to become the largest producer of liquid fuels, including oil and refined petroleum products, in the world. The United States is also on the cusp of exporting Liquefied Natural Gas. It is not, however, a major exporter of crude oil. This is not for lack of potential and available supplies. Rather, it is due to laws that restrict the export of this commodity and that were put in place in response to the OPEC oil embargo of the 1970s. Crude oil export restrictions create distortions in the domestic oil market and pose a risk to U.S. oil production growth. They stifle economic growth and also hamper the ability of U.S. foreign policy and national security leaders to seize strategic benefits presented by the energy revolution.
Download or read book Alleged Political Pressure to Obtain Export Licenses for Crude Oil failure by the Department of Commerce and the Federal Energy Administration to Implement Congressional Policies written by United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Oversight and Investigations and published by . This book was released on 1976 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Crude Oil Export Ban written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-12-02 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: The crude oil export ban: helpful or hurtful : hearing before the Subcommittee on Terrorism, Nonproliferation, and Trade of the Committee on Foreign Affairs, House of Representatives, One Hundred Fourteenth Congress, first session, April 14, 2015.
Download or read book The Crude Oil Export Ban written by Nonproliferat Subcommittee on Terrorism and published by CreateSpace. This book was released on 2015-06-11 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States is now the largest crude oil producer in the world. Refineries cannot keep up with the new production. Instead of exporting excess oil like producers get to do in other nations, the ban is already forcing U.S. oil producers to leave oil in the ground and lay off workers. The solution to this problem is clear: Export crude oil; have the ban lifted so that it can be exported. Critics of lifting the ban are afraid the United States' oil exports will lead to higher domestic gas prices. However, many studies have debunked this myth. Gas prices are more closely linked to the international market, or Brent Price, than the domestic price of crude because refined products like gasoline are traded freely on the international market. U.S. crude entering the global market will increase the international oil supply and decrease the price of gas.
Download or read book U S Crude Oil Exports written by Michael Pope and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a result of advanced oil drilling and extraction technologies (primarily horizontal drilling and hydraulic fracturing), crude oil production in the United States is growing and, according to Energy Information Administration (EIA) reference case projections, may reach 9.6 million barrels per day by 2019. Production of light tight oil (LTO) is, and is expected to be, the primary contributor to U.S. crude oil production growth in the near to medium term. This book provides background and context about the crude oil legal and regulatory framework, discusses motivations that underlie the desire to export U.S. crude oil, and presents analysis of issues that Congress may choose to consider during debate about U.S. crude oil export policy.
Download or read book Energy Security written by United States. General Accounting Office and published by . This book was released on 1990 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Oil to Spare written by and published by . This book was released on 2015 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt:
