Subscribe free to our newsletters via your
. Oil and Gas News .




OIL AND GAS
Shots fired in U.S. oil export row
by Daniel J. Graeber
Washington (UPI) Nov 20, 2014


disclaimer: image is for illustration purposes only

Claims that easing U.S. oil export restrictions won't have economic benefits go against peer-reviewed studies, the head of an oil producers coalition said.

An increase in U.S. oil production has led to calls from industry leaders and their supporters to ease restrictions placed on exports. Crude oil exports are restricted under legislation enacted in response to the oil embargo from Arab members of the Organization of Petroleum Exporting Countries in the 1970s.

George Baker, executive director of the Producers for American Crude Oil Exports, said multiple studies have shown lifting the ban would have widespread economic benefits.

"Any claim to the contrary goes against the findings of, among others, the Brookings Institution, IHS Energy, the Dallas Federal Reserve Bank, and the U.S. Government Accountability Office," he said in a statement sent Wednesday to UPI. "Moreover, such a claim lacks support from a single independent economic study."

Many of the reports referenced by Baker found there would be some consumer benefits from easing the restrictions, though each found lifting the ban did little to eliminate foreign dependency.

This week, Thomas O'Malley, executive chairman of refining company PBF Energy, said the "only logistical conclusion" to make if the ban were lifted is that oil prices will increase, refiners will reduce gasoline production in response and prices at the pump will increase.

That, in turn, will lead to "voter anger," he said.

U.S. refiners are restricted in terms of crude oil exports, but face few road blocks in terms of gasoline exports. When gas prices at home decline, those in the refinery sector can look for a better price overseas, where some countries pay the equivalent of $10 for a gallon of gasoline. That, in turn, limits the floor on U.S. gasoline prices.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








OIL AND GAS
Shale revolutionary for United Kingdom, company boss says
London (UPI) Nov 20, 2014
Chemical company Ineos said shale natural gas could "revolutionize" the British economy, though it's been met with stiff opposition from environmental advocates. Ineos Chairman Jim Ratcliffe unveiled preliminary plans to give momentum to the fledgling British shale natural gas industry. At a Thursday conference, the chairman said substantial investments could follow developments in shal ... read more


OIL AND GAS
Bit Stew Systems Announce Major Expansion in Australia

China eyes investments in Slovenia infrastructure

China unveils energy strategy, targets for 2020

Current pledges not enough to stop global warming: UN report

OIL AND GAS
China seeks to cap coal use at 4.2 bn tonnes by 2020

Chinese power companies pursue smart grids

VTT demonstrates new technique for generating electricity

Lighter, cheaper radio wave device could transform telecom

OIL AND GAS
WELTEC builds Biogas Plants in Greece

Lockheed Martin to build 5-megawatt bioenergy facility in Germany

DARPA's EZ BAA Cuts Red Tape to Speed Funding of New Biotech Ideas

New process transforms wood, crop waste into valuable chemicals

OIL AND GAS
Much to lose for Iran's Rouhani if no nuclear pact

France's Areva on the ropes after it suspends targets

Iran refuses to give ground on key Arak reactor

South Korea urged to build facility for nuclear waste by 2055

OIL AND GAS
China climate negotiator defends flexible carbon target

Climate agreement to have big impact on China: US

Lightning expected to increase by 50 percent with global warming

Buoyed by China deal, Obama seeks world climate pact

OIL AND GAS
Uber hits brakes on talk of finding dirt on reporters

Toyota rolls out world's first mass market fuel-cell car

Dongfeng, Huawei partner for Internet-enabled cars

QUT leading the charge for panel-powered car

OIL AND GAS
Iraqi army says Tikrit next target after Baiji

Sacking of Iraqi army commanders a positive sign: US

Iraq retakes strategic town from jihadists

Iraq seeks rockets, vehicle spare parts

OIL AND GAS



The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.