Energy Secretary Ernest Moniz said the near-ban on U.S. crude oil exports is ripe for revisiting, comments that arrive as major producers including Exxon Mobil are pressing to relax limits imposed in the 1970s.
His remarks Thursday in New York, reported by Platts, were quite cautious. And Moniz noted that it’s not his department’s decision to make.
But the statements are nonetheless likely to fuel increasing industry calls for ending major restrictions created in the wake of the early-1970s Arab oil embargo.
“Those restrictions on exports were born, as was the Department of Energy and the Strategic Petroleum Reserve, on oil disruptions,” Moniz said at a forum hosted by Platts.
“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,” Moniz said.
U.S. oil production is at its highest point in 25 years and the nation’s reliance on imports is falling. That has prompted export advocates to argue that it’s time to rethink U.S. laws and policies that only allow crude oil exports in very limited cases.
The U.S. currently exports a small amount of crude oil to Canada.
“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 Wall Street Journal this week. “We need to rethink the regulatory scheme and the statutory scheme on the books.”
Moniz said that his department stands ready to provide technical analysis to the Commerce Department, which has jurisdiction over crude oil exports.
The oil industry is weighing an effort to challenge the ban by arguing that it violates international trade law.
What We're Following See More »
The Las Vegas Review-Journal, owned by casino magnate and GOP donor Sheldon Adelson, became the first major city newspaper to endorse Donald Trump over the weekend.“Mr. Trump represents neither the danger his critics claim nor the magic elixir many of his supporters crave,” the editorial read, acknowledging concerns about Trump’s temperament. “But neither candidate will ever be called to the dais to accept an award for moral probity and character,” the paper said. “And we are already distressingly familiar with the Clinton way, which involves turning public service into an orgy of influence peddling and entitlement designed to line their own pockets — precisely what a disgruntled electorate now rises up to protest.”
Hillary Clinton leads Donald Trump by 12 percentage points among likely voters, 50 to 38 percent, in a new ABC News tracking poll, "her highest support and his lowest to date in ABC News and ABC News/Washington Post polls. Gary Johnson has 5 percent support, Jill Stein 2 percent. Clinton led by only four points in the last ABC/Post poll on Oct. 13.
President Obama "will make a late splash into races for state senate and assembly over the next week, endorsing roughly 150 candidates across 20 states. He’ll also back a candidate for the North Carolina Supreme Court. The endorsements — which will come along with a variety of robocalls, social media posts, mailers, photos of Obama with the candidates taken as he’s been traveling to campaign in recent weeks, and even a few radio ads — are Obama’s biggest investment in state races ever by far."
If you need a marker for how confident Hillary Clinton is at this point of the race, here's one: CNN's Jeff Zeleny reports "she's been talking to Republican senators, old allies and new, saying that she is willing to work with them and govern."
"According to a new POLITICO/Morning Consult poll, the first national post-debate survey, 43 percent of registered voters said the Democratic candidate won, compared with 26 percent who opted for the Republican Party’s standard bearer. Her 6-point lead over Trump among likely voters is unchanged from our previous survey: Clinton still leads Trump 42 percent to 36 percent in the race for the White House, with Libertarian nominee Gary Johnson taking 9 percent of the vote."