Download or read book The Lifting of the Oil Export Ban in the US and Its Effects on the Oil Market written by Sungjin Kim and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The US set an oil export ban after the Iranian crisis in the 1970s due to energy security issues. Since US oil production has been continuously diminishing, there had not been many issues until recently. However, after the hydraulic fracturing technology was introduced to development of shale in the US from the 2000s, this led to a revival of energy production named the 'shale revolution' or 'energy renaissance' for the abundance of oil and gas supply in the US.The abundance of the oil and gas supply has offered great prospects to the US industry revival. However, many oil producers and experts pointed that this prospect may not be fully realized had the oil ban continuously existed. The oil ban had created a lower domestic oil price (WTI) compared to international oil price standards (Brent), which discouraged oil producers to continuously invest in the shale development. Also, because the existing refineries in US had not been configured for the light tight oil produced by shale development, this contributed to a bigger cause to end the export ban. After several discussions, both political parties agreed to lift the ban at the end of 2015.In this paper, we will first look into the history of the oil ban, its creation and recent changes. Next, we will look into the new shale revolution and how it eventually caused to lift the oil export ban in US. We will then look into the prospect theories of how the lift of ban would effect the oil market internationally, and the current reality. We will also look into which countries would be the best options for exporting US oil, and what kind of obstacles must be overcome (specifically in Asia). Finally, we will look into the prospects of US oil production and exports based on the current oil market situation.
Download or read book Alaska North Slope Oil written by Daniel Haas and published by DIANE Publishing. This book was released on 2000-02 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Lifting the US Crude Oil Export Ban A Numerical Partial equilibrium Analysis written by Lissy Langer and published by . This book was released on 2016 with total page 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 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 Crude Oil Exports written by United States. Congress. Senate. Committee on Energy and Natural Resources and published by . This book was released on 2014 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 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 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 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 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 Lifting the Crude Oil Export Ban written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-11-28 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lifting the crude oil export ban : hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Fourteenth Congress, first session ... July 28, 2015.
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 The Export of Alaskan Crude Oil written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on International Finance and Monetary Policy and published by . This book was released on 1994 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Crude Truth written by United States. Congress. House. Committee on Foreign Affairs. Subcommittee on Terrorism, Nonproliferation, and Trade and published by . This book was released on 2014 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
