American crude oil exports are a game changer
November 16, 2015
This week, Houston will host an important discussion focused on an integral issue within our country’s energy landscape: crude oil exports. Notably, we live in an age where positioning the United States as the global leader in meeting and supplying energy demands has not only become a priority; but almost a reality. What many Americans may be surprised to find is that it is our own government’s outdated policies keeping this development just out of reach.
America’s burgeoning energy sector is a shining beacon of what we are capable of when American innovation meets determination. We have passed our competitors across the globe to become the world’s largest producer of oil and natural gas, already producing nearly 75 million barrels of crude oil this year alone.
However, while the U.S. is currently producing crude oil at record rates, low oil prices coupled with an excess domestic supply has created a glut that threatens to bring our energy transformation to a halt. In fact, we are already seeing ramifications; with crude oil production from U.S. shale forecasted to drop in December.
The reality is that the U.S. is the only major oil and natural gas producing country in the world not transferring excess supplies into the global market. Due to antiquated energy policy from the Nixon era, the U.S. remains unable to export crude oil and take full advantage of its current situation. Even more troubling, while our government is sidelining our ability to rise as the global supplier of crude oil, it recently moved forward with a highly-scrutinized nuclear deal allowing Iran—a politically unstable and volatile nation—the ability to export its own crude oil.
Read more at FuelFix.
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