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

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
Add to Briefcase
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.


Welcome to National Journal!

You are currently accessing National Journal from IP access. Please login to access this feature. If you have any questions, please contact your Dedicated Advisor.