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U S Crude Oil Exports
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Book Synopsis U.S. Crude Oil Exports by : Michael Pope
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.
Book Synopsis U.s. Crude Oil Export Policy by : Congressional Research Service
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.
Author :United States. Congress. House. Committee on Foreign Affairs. Subcommittee on International Economic Policy and Trade Publisher : ISBN 13 : Total Pages :196 pages Book Rating :4.F/5 ( download)
Book Synopsis Oil Export Issues by : United States. Congress. House. Committee on Foreign Affairs. Subcommittee on International Economic Policy and Trade
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:
Author :United States. Congress. Senate. Committee on Energy and Natural Resources Publisher : ISBN 13 : Total Pages :152 pages Book Rating :4.F/5 ( download)
Book Synopsis U.S. Crude Oil Export Policy by : United States. Congress. Senate. Committee on Energy and Natural Resources
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:
Book Synopsis U. S. Crude Oil Exports by : Michael Pope
Download or read book U. S. Crude Oil Exports written by Michael Pope and published by Gazelle Book Services, Limited. This book was released on 2014-01-01 with total page 87 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 projec
Book Synopsis Changing Crude Oil Markets by : U.s. Government Accountability Office
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. "
Book Synopsis U.S. Crude Oil Export Policy by : Congressional Research Service
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.
Book Synopsis U.s. Oil Imports and Exports by : Neelesh Nerurkar
Download or read book U.s. Oil Imports and Exports written by Neelesh Nerurkar and published by CreateSpace. This book was released on 2013-07 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last six years, net oil imports have fallen by 33% to average 8.4 million barrels per day (Mb/d) in 2011. This represents 45% of domestic consumption, down from 60% in 2005. Oil is a critical resource for the U.S. economy, but despite policy makers' longstanding concern, U.S. oil imports had generally increased for decades until peaking in 2005. Since then, the economic downturn and higher oil prices were a drag on oil consumption, while price-driven private investment and policy helped increase domestic supply of oil and oil alternatives. Net imports are gross imports minus exports. The decline in net imports has manifested itself as a decrease in gross imports and an increase in exports of petroleum products. Gross U.S. imports of crude oil and petroleum products averaged 11.4 Mb/d in 2011, down 17% since 2005. More than a third of gross imports came from Canada and Mexico in 2011. About 40% came from members of the Organization for the Petroleum Exporting Countries (OPEC), mostly from OPEC members outside the Persian Gulf. Regionally, the largest share of U.S. imports come into the Gulf Coast region, which holds about half of U.S. refining capacity and sends petroleum products to other parts of the country and abroad. All regions of the country import more crude than refined products except for the East Coast, where petroleum products imports may rise further due to refinery closures. U.S. oil exports, made up almost entirely of petroleum products, averaged 2.9 Mb/d in 2011. This is up from export of 1.2 Mb/d in 2005, led by growing export of distillates (diesel and related fuels) and gasoline. More than 60% of U.S. exports went to countries in the Western Hemisphere, particularly to countries such as Mexico and Canada from which the U.S. imports crude oil. Exports occur largely as a result of commercial decisions by oil market participants which reflect current oil market conditions as well as past investment in refining. As a result, net oil imports fell from a peak of 12.5 Mb/d in 2005 to 8.4 Mb/d in 2011, their lowest level since 1995. A consensus is generally emerging among energy analysts that U.S. oil imports may be past their peak, reached in 2005. Imports as a share of consumption are expected to fall further, to less than 40% after 2020 driven by tighter fuel economy standards and increased domestic supply. Despite the decline in net import volumes, the cost of net imports has increased due to rising oil prices. The aggregate national cost of oil imports is a function of the volume of oil imported and the price of that oil. The United States spent about $327 billion on net oil imports in 2011. Being a net importer of a particular good is not necessarily negative for an economy, but greater national oil import dependence can amplify the negative economic impacts of oil price increases. Oil import and export developments pose a host of policy issues. Concerns about import dependence continue to generate interest in policy options to directly discourage imports or to reduce the need for imports by increasing domestic supply and decreasing demand. Rising exports at a time of rising prices has led to calls for policies to restrict such trade. The debate around the Keystone XL pipeline involves concerns about imports, exports, and the environment. The rising cost for fuels has led to calls for release of the Strategic Petroleum Reserve, meant to provide a short term policy option in case of supply disruptions. Policy options may entail various economic, fiscal, and environmental trade-offs.
Book Synopsis U.S. Oil Imports: Context and Considerations by :
Download or read book U.S. Oil Imports: Context and Considerations written by and published by DIANE Publishing. This book was released on with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Delivering the Goods by : Frank A. Verrastro
Download or read book Delivering the Goods written by Frank A. Verrastro and published by Rowman & Littlefield. This book was released on 2015-02-19 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: The North American energy landscape has shifted in significant ways. New development of abundant tight oil and unconventional natural gas resources creates an historic opportunity to enhance economic growth throughout North America and improve the region’s competitiveness in global markets. The rapid pace of development of these resources, along with changes in consumption, however, have created a unique need for new and expanded infrastructure and a reevaluation of North America’s place in the global energy market. This report captures the current state of crude oil production growth and the infrastructure required and then frames the related major policy and regulatory discussions, including environmental concerns, crude oil exports, the strategic petroleum reserve, and the Jones Act.
Book Synopsis U.S. Exports of Oil and Natural Gas by : Frank G. Adams
Download or read book U.S. Exports of Oil and Natural Gas written by Frank G. Adams and published by Nova Science Publishers. This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Almost four 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. This book examines what is known about price implications of removing crude oil export restrictions; other key potential implications; and implications of recent changes in market conditions on the SPR. This book also discusses and describes the status of applications to export liquefied natural gas-natural gas cooled to a liquid state for transport- and the Department of Energy's process to review them; and the status of applications to build LNG export facilities and FERC's process to review them.
Author :United States. Congress. House. Committee on Foreign Affairs. Subcommittee on International Economic Policy and Trade Publisher : ISBN 13 : Total Pages :176 pages Book Rating :4.0/5 ( download)
Book Synopsis Update on the Status of Alaskan Oil Exports by : United States. Congress. House. Committee on Foreign Affairs. Subcommittee on International Economic Policy and Trade
Download or read book Update on the Status of Alaskan Oil Exports 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 1987 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis U.s Crude Oil Export Policy by : Chukwuemeka Udemezue
Download or read book U.s Crude Oil Export Policy written by Chukwuemeka Udemezue and published by CreateSpace. This book was released on 2015-10-15 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: U.S Crude Oil Exports are prohibited, although there are a number of exemptions of circumstances under which crude oil exports are allowed.
Book Synopsis South American Oil by : United States. General Accounting Office
Download or read book South American Oil written by United States. General Accounting Office and published by . This book was released on 1992 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Soviet Oil Exports by : Margaret Chadwick
Download or read book Soviet Oil Exports written by Margaret Chadwick and published by . This book was released on 1987 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Petroleum Supply and Demand in the Non-Communist World by :
Download or read book Petroleum Supply and Demand in the Non-Communist World written by and published by . This book was released on 1971 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Naval Petroleum Reserves by : United States. Congress. House. Committee on Armed Services
Download or read book Naval Petroleum Reserves written by United States. Congress. House. Committee on Armed Services and published by . This book was released on 1953 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
