Sunday, August 31, 2025
27.6 C
Lagos

US Crude Oil Exports: The Opinion of American Policy Makers

Ernest Moniz, Energy Secretary

‘Those restrictions on exports were borne, as was the Department of Energy and the Strategic Petroleum Reserve, on oil disruptions. There are lots of issues in the energy space that deserve some new analysis and examination in the context of what is now an energy world that is no longer like the 1970s.’

Maria van der Hoeven, Executive Director, International Energy Agency

‘Some may see this as a choice between keeping American oil within US borders for reasons of economic security and allowing the US to generate billions of dollars in new export revenues. But market realities suggest a far simpler decision ahead: either US crude is shopped abroad or its stays in the ground.’US oil supply

Sen. Lisa Murkowski, Alaska (Republican)

‘We need to act before the crude oil export ban causes problems in the US oil production, which will raise price and therefore hurt American jobs.’

Sen. Mary Landrieu, Louisiana (Democrat)

‘I would support lifting the ban if the scientific data shows that we should. And I think that’s what the data is showing.’

General Martin Dempsey, Chairman of the Joint Chiefs of Staff

‘An energy independent and net exporter of energy as a nation has the potential to change the security environment and the world, notably in Europe and in the Middle East.’

Seth Kleinman, Citigroup Analyst

‘If lower gasoline prices for the US consumer are a desired aim, the US should be exporting crude, and lowering Brent and hence global gasoline prices in the process.’

Ed Morse, Managing Director, Commodity Research, Citigroup

‘It is incontrovertible that if the US exported crude the price of gasoline would be lower. And it is incontrovertible that the trading interests of the United States have become increasingly dominated by energy.’

John Kemp, Reuters Analyst

‘Energy Secretary Moniz was simply stating the obvious when he noted that circumstances have changed and the controls and might deserve a review…The ban ensures domestic crude oil prices remain below world levels because producers cannot arbitrage the difference. But no such restrictions apply to refined products, so the price paid by US consumers for gasoline, heating oil and diesel is linked to world levels.’

Rusty Braziel, President, RBN Energy

‘The rules that were established to be able to handle the exports of those hydrocarbons were all established back in the shortage days. In the olden days, these laws and rules didn’t make any difference, Now in a world of exports, they do.’

David Nicklaus, Business Columnist, St. Louis Post-Dispatch

‘The booming US energy industry is on pace to produce more oil than Saudi Arabia by next year, but it can’t sell a drop of that crude overseas…Disco music, wide lapels and other 1970s artifacts have been out of fashion for a long time. It’s time for that era’s energy policy to join them on the scrap heap of history.’US oil supply chain

Brookings

‘[U]nrestricted exports, in combination with increased investments in infrastructure, are expected to provide a boom for domestic oil production, generating income, jobs and taxes along the production chain.’

Resources for the Future

‘Our basic finding is that the efficiency of global refinery operations would be improved a little if the ban on US exports of crude oil were to be lifted. And, accordingly, gasoline production would go up and its price in the US would fall, anywhere from 3 – 7 cents per gallon once the economy could adjust to lifting the ban. This range could be a bit broader depending on assumed price elasticises of supply and demand and other factors.’

Wall Street Journal

‘Opponents of exporting oil claim that lifting the ban would raise US gasoline prices, but that misunderstands that oil is a global market. US pump prices would continue to rise or fall with world oil prices regardless of exports. But lifting the ban would lead to more domestic production, which means more jobs in oil drilling and services and everything that goes along with such growth…the best protection for America’s energy supply is more domestic production that exports would induce…The oil export ban is an example of self defeating resource nationalism that hurts US investment and the living standards of American workers. It was a bad idea in the 1970s, and today it is merely one more obstacle to America’s energy renaissance.’

Washington Post

‘The United States again is one of the world’s great energy powers…Yet some politicians remain unwilling to let the country reap the full benefits of this boom…Refineries, not drivers, buy crude oil and then make it into gasoline and other products. These products trade on world markets and generally reflect the world crude price…If anything, the United States’ continuing export restrictions diminish the country’s credibility when it asks other nations to adopt rational policies that rankle economic nationalists. Congress should let the country participate fully in the international oil market.’

spot_img
spot_img

Hot this week

Inspenonline Unveils Think-tank on NIIRA, Insurance Sector Recapitalisation

As the insurance sector witnesses a new dawn with...

SanlamAllianz, Cornerstone, emPLE, Enterprise Life, Leadway, Lasaco Throw Weight Behind IMT 4.0

The fourth edition of Insurance Meets Tech (IMT 4.0)...

NCDMB, Coppercrux Engage South-South Youths on CNG Technologies, Opportunities in Value Chains

The Nigerian Content Development and Monitoring Board (NCDMB), in...

Fidelity Bank Champions Africa’s Export Growth at FNITCC Atlanta 2025

Leading financial institution, Fidelity Bank Plc has announced plans...

NAICOM, CAC Partner for 12- Month Recapitalisation Timeline

The Management of the National Insurance Commission (NAICOM) paid...

Topics

Nigeria Hosts WAICA 50th Anniversary as Efekoha Assumes Office as President

The Nigerian Insurance market is set to host the...

NIA: Brokers Generated 60% of Insurance Premium in 2021

L-R; Hon Auditor, the Nigerian Council of Registered Insurance...

Unity Bank: N57bn Gross Earnings, N1.1bn Profit in 2022

Nigeria’s retail lender, Unity Bank Plc has posted Profit...

Brand Africa to Unveil Africa’s Top 100 Brands on Oct 22

Brand Africa is to release its highly anticipated 4th Brand Africa 100: Africa’s Best Brands rankings of the Top 100 Most Admired and Most Valuable brands in Africa at a Gala event at Sandton Convention Center on 22 October 2015. The rankings, first launched in 2011 at the 2nd Brand Africa FORUM, have been held in Johannesburg, South Africa in 2011 in partnership with Brand South Africa, in Nairobi, Kenya in 2014 in partnership with the Kenya Securities Exchange and in New York in 2013 partnership with African Business on the sidelines of the UN General Assembly.

Ecobank, AU MSME Academy for Africa Berths in Nigeria

Spearheaded under the AUDA-NEPAD “100,000 MSMEs by 2021” (100K MSMEs)...

Etisalat Risks Take-over by Banks over N377bn Debt

Etisalat Nigeria may be taken over by a consortium...

NGX Committed to Empowerment, Equal Opportunity for Women

Speech Delivered by Alhaji (Dr.) Umaru Kwairanga, Group Chairman,...

Nigeria’s Telecom Contribution to GDP Hits 16% – Danbattah

L-R: Executive Commissioner, Technical Services, Nigerian Communications Commission (NCC), Ubale...
spot_img

Related Articles

Popular Categories

spot_imgspot_img