Widely divergent views were on display this morning with Continental Resources’ CEO Harold Hamm promoting US crude oil exports, EIA Chief Adam Sieminski discussing recent oil market lessons and Author Bill Powers playing the pessimist. A morning panel at the Financial Times’ Energy Strategies Summit held in New York City featured a discussion about the… Keep reading →
Bulging inventories are expected to continue to build at the biggest US oil-storage facility, putting more downward pressure on crude prices and adding to calls on the federal government to legalize exports, analysts said. The amount of oil stored at the Cushing Hub in Oklahoma rose to 48.18 million barrels in the week ending Feb.… Keep reading →
The U.S. Department of Commerce’s (DOC) Bureau of Industry and Security (BIS) is the section in charge of regulating exports of crude oil. The U.S. is producing more oil than it has in the previous decades; however, a government ban on crude oil exports has created an oversupply, resulting in opportunities for numerous industry players. The… Keep reading →
A group of US oil refiners released a study they say shows incremental production volumes can be handled by their facilities, in contrast to an opposing view that suggests the country’s refining complex is geared toward heavy oil and cannot handle the recent surge in lighter hydrocarbon output. “The refinery group’s study said refiners can… Keep reading →
The Brookings Institute in Washington DC has come out in favor of lifting the U.S. ban on crude oil exports. Brookings hosted an event on Sept. 9 to unveil their new report titled “Changing Markets: Economic Opportunities from Lifting the U.S. Ban on Crude Oil Exports” written by Charles Ebinger and Heather Greenley and based… Keep reading →
Deemed one of the most-well-funded terrorist networks, the Islamist State in Syria and Iraq is reportedly making millions of dollars daily from smuggling, stealing, refining and selling oil. Completely shutting down their vast operation appears unlikely according to expert consensus. “When Islamic State fighters stormed across the Syrian border into Iraq and seized Mosul, a… Keep reading →
Several major US oil producers are opening their wallets to lobby for policy changes that would allow crude oil – or minimally-processed condensate – to be exported. Refiners, democrats and the environmental community are generally opposed and a major sticking point remains the question of whether exporting US oil would increase domestic gasoline prices, despite… Keep reading →
Daniel Yergin, Pulitzer Prize winning author and Vice Chairman of global consulting firm IHS spoke at the 2014 EIA Conference in Washington D.C. on Monday. EIA, the U.S. Energy Information Association is the statistics arm of the federal Department of Energy and the conference featured leading figures from industry, academia and government. Yergin stated emphatically… Keep reading →
The topic of exporting US oil – or minimally processed condensate – was one of the hottest at the EIA’s energy conference, which kicked off yesterday in Washington DC. “John Auers, executive vice president of the engineering firm Turner, Mason & Co., said rulings by the U.S. Commerce Department allowing two Texas companies to sell… Keep reading →
The recent US Commerce Department ruling to allow two companies to export minimally processed condensate turned many energy industry heads and raised questions about whether the US was moving toward relaxing the 39-year oil export ban. This editorial clearly lays out the situation’s complexity and calls for more adroit policy in the face of new… Keep reading →
