Subscribe free to our newsletters via your




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
Trace amounts of radiation detected along U.S. West Coast

SMS alerts cut deaths from elephants in rural India

Tense G20 vows action on Ebola as climate returns to fore

Prayers, tears in Philippines one year after super typhoon

OIL AND GAS
Russia to place global navigation stations in China

Telit Introduces Jupiter SL871-S GPS Module

Galileo satellite set for new orbit

KVH Receives Order for Military Navigation Systems

OIL AND GAS
Did men evolve navigation skills to find mates?

Lost languages leave a mark on the brain

Researchers explain high school cliques, how to prevent them

Sustainability and astrobiology combine to illuminate future Earth

OIL AND GAS
Returning bears pose dilemma in Europe

Intimidating chimpanzee males are more likely to become fathers

Switching on a dime: How plants function in shade and light

Environmental groups sue to protect Pacific walrus

OIL AND GAS
Scientists worry bed bugs could spread Chagas disease

World Bank proposes global epidemic fund in wake of Ebola

Advances in electron microscopy reveal secrets of HIV

'Contagious' bird flu outbreaks on Dutch, British farms

OIL AND GAS
Myanmar hosts biggest cast of world leaders since reforms

China to punish Tibet officials who support Dalai Lama

Spanish gallery showcases Chinese dissident Ai Wei Wei's works

Hong Kong activists mull taking protest to Beijing

OIL AND GAS
OIL AND GAS
Risky rewards for China's overseas investment boom

Ageing Japan struggles to make immigrants feel at home

Australia poised to seize assets of corrupt Chinese: report

How Germany and the euro are keeping Europe in recession




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.