Posted on 11/26/2014 5:15:35 AM PST by thackney
A House of Representatives panel will hold a hearing on Dec. 11 to explore whether a decades-old law that prohibits the export of crude oil makes sense in an era of domestic energy abundance.
The House subcommittee on energy and power, chaired by Representative Ed Whitfield, will hone in on the 1975 Energy Policy and Conservation Act, drafted in response to the 1973 oil crisis. The law prohibited the export of most crude oil, created the Strategic Petroleum Reserve and Corporate Average Fuel Economy rules for cars and trucks, also known as CAFE standards.
"We need to take a comprehensive look at where we came from, where we are today, and where we want to go from here," Whitfield said in a release.
(Excerpt) Read more at rigzone.com ...
I guess it depends on one’s definition of “energy independence”.
Exporting expensive light-sweet while importing cheaper heavy-sour is good for our economy and maintains the same net energy balance.
We already spent many billions of dollars upgrading our refineries to use the cheap stuff. Why spend billions more to use a more expensive vintage?
Really? then why am I'm paying so much to heat my home and fuel my cars?
The oil expert ban makes complete sense for an overriding reason. Multinational corporations have zero sense of loyalty to the United States, even though they control the US Chamber of Commerce, and through it, the leadership of the Republican party.
The only thing they care about is preferred access to US markets and evasion of US taxes. They do not want to employ American workers, nor even to enrich their own American franchisees, minimizing their profits if at all possible, to the advantage of the parent multinational.
They would screw the United States for greater oil profits, and since oil is a fungible commodity (meaning a “general” product with no clear origin at sale), they could do so for no other reason than to gain US market control to keep prices unnaturally high. And they certainly would do so, with no more concern than swatting a fly.
They easily embrace America’s enemies with utterly mercenary acumen, and support internationalist socialism because it is such a flawed concept that they can imagine it multiplying their profits.
They have the outlook and behavior of the worst of capitalists, comparable to the Star Trek aliens called the “Ferengi”. “They and their culture are characterized by a mercantile obsession with profit and trade, and their constant efforts to swindle unwary customers into unfair deals.”
http://en.wikipedia.org/wiki/Ferengi
For all of these reasons, the oil export ban makes great sense. These scoundrels must always be kept on a tight leash, or we will all suffer terribly from their abuse.
Zombie nation.
It didn’t say cheap abundance.
At these prices, it is available to produce.
Only if you want lower investment in the US, fewer jobs in the US and higher prices in the long run.
Keep it home. Drive OPEC out of business. All they do is fuel terror.
The best way to do that is to not set up barriers to profits in the US oil production market.
I had an oil dealer show me the difference once - the Pennsylvania oil was amber blue hazed. The Saudi stuff looked like clear yellow butter - I thought it was kinda neat
You say oil is a fungible commodity so what does an export ban accomplish? it can for a time create an artificial surplus but that will cease as development slows down in response to lower prices. It can increase cost when US producers and customers cannot balance there various needs for differing types of raw oil/gas.
Then there is the issue of ownership. If you own something, even if you are a evil money bribing multination company, you have the right to dispose of your property as you see fit. Yes there are some caveats but selling oil is like selling nuclear reactors. At least that is how a free country is supposed to work.
is Not like selling nuclear reactors
Need the giant iPhone!
Ditto.
This is Free Republic unless you wish to exchange goods and services without the omniscient guiding hand of the U.S. Federal governemt. Then all of a sudden governemt knows how to trade oil, encourage domestic production of sugar, encourage exports of food, how to make sure are safe from foreign made socks, etc..
Well before we get a big hate on for the oil companies going here lets reflect on the fact that they only make about an eight cent profit per gallon on gas. I don’t think that’s exactly excessive.
If you want to get ticked off about gas check out the tax on a gallon of oil.
I take Reagan’s point of view when it comes to Federal Government’s help to an industry.
The nine most terrifying words in the English language are, ‘I’m from the government and I’m here to help.’
- Ronald Reagan
“For all of these reasons, the oil export ban makes great sense.”
Those are all terrible/socialist sounding reasons.
Exporting oil will increase the value of the dollar, thereby decreasing the price of any imports.
Yeah, you’re right.
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