Exxon Presses for Oil Exports as U.S. Production Soars

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MOORPARK, CA - SEPTEMBER 23: Smoke blows past oil wells at sunset on the eastern flank of the 16,000-plus-acre Guiberson fire, burning out of control for a second day as Red Flag warnings continue in southern California on September 23, 2009 near Moorpark, California. A Red Flag warning means critical wildfire weather, based on a combination of high temperatures, low humidity and Santa Ana winds, is occurring. Several large wildfires broke out in triple-digit temperatures on the first of Red Flag warnings.
National Journal
Ben Geman
Dec. 12, 2013, 1:30 a.m.

Ex­xon Mo­bil is seek­ing to ease U.S. re­stric­tions on crude oil ex­ports as fresh data on soar­ing do­mest­ic pro­duc­tion keeps pour­ing in.

The Wall Street Journ­al re­ports that an Ex­xon of­fi­cial, in com­ments along­side the com­pany’s an­nu­al en­ergy out­look re­leased Thursday, said it’s time to re­vis­it lim­its that date back 40 years.

“We are not deal­ing with an era of scarcity, we are deal­ing with a situ­ation of abund­ance,” Ken Co­hen, Ex­xon’s vice pres­id­ent of pub­lic and gov­ern­ment af­fairs, told the news­pa­per. “We need to re­think the reg­u­lat­ory scheme and the stat­utory scheme on the books.”

Co­hen also pitched the ex­port case to Bloomberg.

The oil gi­ant’s latest out­look pre­dicts that by 2015, pro­duc­tion from shale form­a­tions alone in the U.S. — such as the boom­ing Bakken re­gion in North Dakota — will ex­ceed the out­put of every OPEC na­tion ex­cept Saudi Ar­a­bia.

That fore­cast in the Ex­xon out­look fol­lows the re­cent In­ter­na­tion­al En­ergy Agency re­port that pre­dicts that over­all U.S. crude-oil pro­duc­tion will be­come the highest in the world in 2015.

And fresh data on the scope of the U.S. oil boom keeps ar­riv­ing. The fed­er­al En­ergy In­form­a­tion Ad­min­is­tra­tion, in data re­leased this week, re­por­ted that pro­duc­tion of U.S. crude is at its highest level in 25 years.

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