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.