In what has become dark days for the U.S. oil industry and the thousands of workers it supports, Congress provided some light this week by agreeing to repeal the American crude oil export ban as part of the 2016 spending bill. President Barack Obama signed the bill late Friday.
From immigration to tax reform, it is natural for public policy to evolve and adapt in response to the current environment and today’s challenges. This month, Congress answered the need for change in its year-end omnibus deal by including language lifting the restrictions on crude oil exports from the United States. By acknowledging the seismic shift in our nation’s energy landscape – from scarcity to abundance – we now have the potential and the means to define the future of energy in America.
The lifting of a four-decade ban on U.S. oil exports could boost Colorado’s global trade fortunes — but the timing of when that happens is anybody’s guess.
Enterprise Products Partners (NYSE:EPD) announced yesterday that it has agreed to provide pipeline and marine terminal services to load its first export of crude oil produced in the United States. The crude is being shipped under the law enacted last week lifting the ban on exports of unprocessed crude oil produced in the U.S. The 600,000 barrel cargo of domestic light crude oil is scheduled to load at the Enterprise Hydrocarbon Terminal (“EHT”) on the Houston Ship Channel during the first week of January 2016.
U.S. crude oil exports will change the oil and tanker market said Poten & Partners in its latest weekly report. According to Poten, the potential for U.S. crude exports is a big deal and within a few days many articles and opinion pieces have come out to explain what this means for oil prices, refining margins, the WTI/Brent spread and many other factors.
Lifting the ban on crude oil exports will reduce gasoline prices in the United States, according to an analysis co-written by Charles Mason, the H.A. True Chair in Petroleum and Natural Gas Economics at the University of Wyoming.
At the end of last week President Obama signed a new bill into effect, lifting a ban on U.S. crude oil exports that had been in effect since the oil shortages of the 1970s. With crude oil reserves exceeding 490 million barrels, what effects will this lift on the exporting ban have on the oil industry?
Congress and the president gave final approval Friday to a massive package of tax breaks and government spending that also lifts a 40-year-old ban on exporting domestic crude oil.
Congress passed a $1.1 trillion spending measure that averts a U.S. government shutdown and ends a 40-year-old ban on crude oil exports, a plan that ensures fiscal peace in Congress through most of 2016.
WHO SAYS NOTHING ever gets accomplished in Washington? When the House of Representatives voted this fall to lift the nation’s 40-year ban on exporting crude oil produced in the United States, the measure seemed doomed in the face of White House opposition. But on Wednesday, congressional leaders settled on a massive spending and tax package, and, wonder of wonders, the resumption of oil exports made the final cut. Both House and Senate were expected to pass the legislation promptly (albeit grudgingly); President Obama has said he’ll sign it.