RRC’s Porter Testifies on Oil Export Ban

Texas Railroad Commission Chairman David Porter on July 8 testified before the U.S. House of Representatives Agriculture Committee on the importance of ending the federal ban on oil exports.

Porter said in his testimony that the ban is responsible for the disparity between the U.S. pricing benchmark for crude – WTI – and the international benchmark – Brent.

“The majority of the new oil being produced from our shale formations is light sweet crude, and the U.S. refining capacity is not designed to economically handle the increased volumes of this type of crude,” he said. “As a result, our oil is essentially trapped in the U.S., creating a supply glut that is driving down the price of U.S. oil.”

InventU

He said that the glut represents billions of dollars of lost revenue that could be returned to the U.S. economy.

Noting that the Texas State Legislature passed, and Governor Abbott signed, a resolution asking the U.S. Congress to lift the ban on crude exports, Porter said that lifting the ban would:

  • increase production in the U.S., resulting in new U.S. job creation, economic growth and increased state and federal revenue
  • help consumers save money on gasoline
  • enhance free trade and lower the U.S. trade deficit
  • strengthen U.S. national security and help U.S. global allies

In his testimony, Porter cited a report issued in May by the Center for New American Security about the multiple ways lifting the ban would enhance U.S. national security, including for instance, the ability of the U.S. to sustain and expand energy sanctions.

The report said that the U.S. will be in a stronger position to impose future energy sanctions, if necessary, if it promotes free trade in energy.

“In so doing, policymakers would make it possible for U.S. producers to expand production more easily to substitute for global supplies unavailable due to sanctions,” the report said.

Porter concluded that allowing the free trade of oil would make the U.S. a global energy leader.

“It would mean hundreds of thousands of new jobs for Americans, thriving communities with vibrant economies, and families saving money every time they fill up their cars,” he said. “This is the world I want to live in, and the world we can live in if Congress and the President take immediate action to lift the crude oil export ban.”

Qatar
TAMU


API: Proposed rule ‘could make offshore operations less safe’


Railroad Administration Releases Rule on Unattended Trains


Magnolia LNG, Meridian LNG Sign Capacity Agreement


Rules and Standards


RRC’s Porter Testifies on Oil Export Ban


Senate Committee Unveils Energy Policy Modernization Act


Severe Flooding Led to ‘significant downtime’ at Mid-Con Properties in 2Q15


Oklahoma Regulators Expand ‘areas of interest’ for Disposal Well Directive


The Original Oilmen: Glenn McCarthy and Michel T. Halbouty Early 1930s


Safety Offshore: Halliburton Diver Servicing a Blowout Off the Coast of Louisiana Early 1950s


Targeted Training with the LWCC Mobile Safety Training Center: Customer Testimony


Texas Oil and Gas Association Promotes Resources That Improve Oilfield Safety, Save Lives at 2015 Houston Oilfield Expo


Take A Bow


Energy Scene: Oil Patch BBQs


A Family Company Dedicated to the Industry


Texas Allocates $4.47M to Seismic Monitoring Program


Transportation & Logistics History: J.M. English Trucking Company Early 1930s


Developing Technology: Humble Oil (Standard Oil) Offshore Rig 1950s


Q&A with Jason Spiess: Brian Lash – Target Logistics


Oilman Cartoon – September/October 2015


Why Your Dedicated Employees are Your Worst Enemy


Gulf South Pipeline Submits Application for Coastal Bend Header Project


Industry Reacts to EPA Actions


FERC to Prepare EA for San Elizario Crossing Project


Oil & Gas History: Texas Iron Works Early 1930s


Iran Agreement is Two-headed Monster


Why Big Data in M&A Doesn’t Work


Three Bottom-line Building Ways 3D Printing is Quietly Revolutionizing the Oil and Gas Industry


FERC Begins Environmental Review of Four Texas Liquefaction Projects


Stellar Amenities: Halliburton Workers Prepare a Well Deserved Meal Early 1950s


DOE Grants G2 LNG Authority to Export to Countries with U.S. Free Trade Agreements


Waters of the U.S. Rule Affects O&G Industries ‘Almost from Top to Bottom’


America Resources Acquires Interest in East Texas Wells


Nothing Moves Without Energy!


How to Thrive as an Exhibitor in the Face of Low Oil Prices


BOEM Issues Record of Decision for Western Gulf of Mexico Planning Area Lease Sale

E-Fuels
ADIPEC