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Kyle Isakower of Gazette Xtra gives his take on the benefits of lifting the fracking and export bans. Pro: Lifting bans on fracking, exports will add many jobs, save consumers billions By: Kyle Isakower (Gazette Xtra) EDITORS NOTE: The writer is addressing the question, Are restrictions on fracking and oil exports stifling American prosperity? If Texas were a nation, it would be the No. 3 dry natural gas producer in the worldahead of Iran, China and Saudi Arabia. Eight individual states now each produce over 3 billion cubic feet of natural gas per day, which would rank them among the worlds top 30 producing countries. In oil production, two U.S. statesTexas and North Dakotawould rank among the top 20 nations in the world. Four additional statesAlaska, California, New Mexico and Oklahomamake the top 35. In other words, the United States is now a global energy superpower, and even individual states are now global leaders in their own right. This growth is paying off for American
A recent study by Harvard Business School and Boston Consulting Group concluded that lifting the U.S. fracking boom would add billions to the economy, create jobs, and give the U.S. more influence overseas. U.S. should ditch outdated oil export ban - Harvard By: Richard Valdmanis (Reuters) BOSTON, June 10 The United States must lift anoutdated ban on oil exports to take full economic andgeopolitical advantage of its hydraulic fracturing boom,according to a study by Harvard Business School and BostonConsulting Group released on Wednesday. Lifting the 40 year-old ban imposed after the Arab oilembargo and easing restrictions on liquefied natural gas exportterminals would add $23 billion to the economy by 2030, createtens of thousands of jobs, and provide the United States withadditional clout overseas, the paper said. Our energy resources have given the U.S. important newdiplomatic tools that can aid allies and counteract the abilityof unfriendly countries to use oil and gas access
Lobbyists pushing to lift the U.S. ban on oil exports received a boost recently when Fred Upton voiced his support to end the four-decade-old restriction. House Energy Panel Chairman Endorses Lifting Oil Export Limits By: Jim Snyder (Bloomberg) The chairman of the House energy committee said oil exports would help U.S. consumers and allies, an endorsement that may help the industrys lobbying push to end four-decade-old restrictions on overseas sales. Its time that Congress considers revising the ban on crude oil exports, Representative Fred Upton, a Michigan Republican and chairman of the House Energy and Commerce Committee, said at a hearing on Tuesday. Oil exports can be a win for the American people and a win for our allies. Previously, Upton has only said lifting the ban deserved consideration. Upton joins his Senate counterpart, Lisa Murkowski of Alaska, in his support for ending the four-decade old ban on most oil exports, which Congress put in place after the Arab oil embargo
Lee Tillman of Marathon weighs in on the current U.S. crude export ban. OTC Commentary: Marathon CEO says U.S. crude oil policies are antiquated By: Lee Tillman (Fuel Fix) The 2015 Offshore Technology Conference is set against a backdrop of a significant commodity price correction and the associated uncertainty. As weve all been reminded recently, the only certainty in our business is that we work in a cyclical, commodity industry and that low oil prices, as much as high oil prices, are a fact of life. Effectively managing through any commodity price cycle demands careful, focused decision making that addresses both near- and long-term considerations. Ten years ago it was unthinkable that America could achieve energy security and be poised to become a net energy exporter. The unprecedented growth in shale energy complimented by the resurgence of the Gulf of Mexico has re-shaped the global energy supply picture. The shale revolution has been among the greatest achievements in the history
New EIA estimates on crude output are fueling predicitions that U.S. energy exports will exceed imports within 15 years. U.S. Seen Becoming Net Energy Exporter on Shale Output By: Mark Shenk (Bloomberg Business) The U.S. government said for the first time that the nation will become a net energy exporter within 15 years as the shale boom bolsters crude oil production. U.S. energy exports will exceed imports from 2029 through 2032, and from 2037 through 2040, the Energy Information Administration said Tuesday in its Annual Energy Outlook. The agency raised its oil output forecasts for 2025 and 2040, while cutting total energy demand estimates for the same years. The forecast doesnt anticipate any change in U.S. law that bans most exports of crude. Advanced technologies are reshaping the U.S. energy economy, EIA Administrator Adam Sieminski said in an e-mailed statement. With continued growth in oil and natural gas production, growth in the use of renewables and the application of
Citgroup is estimating that total U.S. oil exports will reach 1 million barrels a day by the middle of next year as traders find ways around export bans. In this article, Businessweek investigates the export trends and looks at what the future holds for the U.S. oil industry. Rising U.S. Crude Exports Move Closer to 1957 Record By: Lynn Doan and Dan Murtaugh U.S. oil exports are set to surpass a record held since 1957 as traders find ways around a four-decade ban on supplies leaving the country. The U.S. sent 401,000 barrels a day abroad in July, 54,000 shy of the record set in March 1957, according to data compiled by the Energy Information Administration, the Energy Departments statistical unit. While Canada accounted for 93 percent of the shipments, Italy, Singapore and Switzerland also took oil from U.S. ports. Coupled with Alaskan supplies bound for Asia, total U.S. exports will reach 1 million barrels a day by the middle of 2015, according to Citigroup Inc. (C:US) Shipments
Enhanced Oil Recovery could increase US tight oil output by 3 million barrels per day by 2030, but the crude oil export ban could be delay the progress. This article from Oil and Gas Journal details the factors in place for major growth, along with the challenges. WoodMAC: EOR could boost US tight oil output 3 million b/d by 2030 By: OGJ Editors Additional volumes from enhanced oil recovery (EOR) slated to come on stream after 2020 could boost tight oil production in the US by 1.5-3 million b/d by 2030, up to 25% more oil than is being forecasted today, according to analysis from Wood Mackenzie. Growth in US tight oil continues to impress as development technology and techniques have yet to mature beyond adolescence, explained Phani Gadde, WoodMac senior North America upstream analyst. WoodMac notes that these technologies are in early test phases and not yet commercial, but indicators suggest up to a 100% increase in recovery rates. Pilot tests are being conducted by operators such
From 2012 to 2013, Ohio experienced the largest percentage increase in natural gas production in the states history. Now, lawmakers are lobbying for new legislation that would lift restrictions on US exports and could bring 16,000 jobs and over $2 billion in revenue to the state economy by 2020. Study: Ohio could add 16,000 jobs, $2.68 billion to the state economy By: Marc Kovac COLUMBUS An update on lawmaker action and other activities at the Ohio Statehouse related to horizontal hydraulic fracturing: New Study: A report by ICT International and EnSys Energy and touted by the American Petroleum Institute projected that Ohio could add nearly 16,000 jobs and $2.68 billion to the state economy by 2020 if restrictions on U.S. crude exports were lifted. Restrictions on exports only limit our potential as a global energy superpower, Chris Zeigler, API-Ohios executive director, said in a released statement. Additional exports could prompt higher production, generate savings for consumers
India and the US have been in talks recently to change current law and enable US exports to India. Jayanta Roy Chowdhury reports that US companies see India as the most viable energy market in the long run and that the US is also working on a long-term strategic and economic partnership with India. Big strides in US shale gas deal By: Jayanta Roy Chowdhury New Delhi, Aug. 3: While the world concentrated on the public spat between India and America that eventually scuppered a new global trade agreement in Geneva last week, the two sides were engaged in a meaningful dialogue to hammer out arrangements that will allow shale gas exports from the US. Indian officials would like to finalise a deal that Prime Minister Narendra Modi and President Barrack Obama can sign in Washington during a visit scheduled in September. The deal would involve an India-specific general waiver to laws which currently restrict US sales of oil and gas only to countries with which it has free trade agreements. The
In this opinion piece, Chris Faulkner of Breitling Energy Corp. outlines how increased energy exports by the U.S. are the key to helping reduce Russias leverage on Europe and Ukraine. US Energy Boom Better Than Sanctions Against Russia By: Chris Faulkner U.S. oil production is surging, and its helping to cripple the Russian economy. Its a win-win situation With 40 percent of the Russian economy hinging on oil and gas sales, Americas oil and gas boom is doing more to bring President Vladimir Putin to his knees than any of the sanctions being imposed by the U.S. and Europe. Competition in the form of increased U.S. energy exports is the last thing Putin wants to see, so thats exactly what we should do. Russia is currently the third-largest oil producer and the top exporter of natural gas, and you better believe that Putin uses these advantages to push his agenda regionally and globally. Russia needs oil prices to stay above $110 per barrel to keep its budget balanced, but on August