Bill Aims to Lift Ban on Texas Energy Exports

MarineLink.com
Thursday, April 03, 2014

Congressman Michael McCaul introduced H.R. 4349, the Crude Oil Export Act, which lifts the 1970s era prohibition on the export of American crude oil and would remove the major remaining barrier that keeps the U.S. from being competitive with other oil exporting nations.

McCaul said, "Most of America's crude oil production is taking place underneath the feet of Texans in the Eagle Ford Shale and the Permian Basin. Lifting the outdated ban on crude oil exports will result in more production, create new jobs at home and boost America's energy security while providing countries like Ukraine with a dependable supply alternative to energy imports from countries like Russia."

According to McCaul, the Crude Oil Export Act will repeal the 1970s era ban on crude oil exports; maintain a ban on crude oil exports to any country that is subject to U.S. trade restrictions, sanctions or that the President or Congress has designated as subject to exclusion for national security reasons; and allow the President to impose a ban on the export of crude oil for up to 90 days during a period of national emergency unless Congress passes a joint resolution of disapproval.

Major advancements in drilling and extraction technologies have spurred crude oil production in recent years in the Unites States. This, combined with similar advancements in the development of other domestic energy resources, such as natural gas, is allowing the U.S. to reclaim its position as a net energy exporter for the first time since 1949. Currently the U.S. is on pace to outstrip Russia and Saudi Arabia as the world's top exporter of oil and natural gas.
 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

China Passes New Pollution Law, Will Cap Coal Consumption

Legislators have approved amendments to China's 15-year-old air pollution law that grant the state new powers to punish offenders and create a legal framework to cap coal consumption,

Marad Celebrates Deployment of Maritime Fuel Cell Project

The U.S. Department of Transportation’s Maritime Administration (MARAD) today celebrated the launch of field trials for the first prototype hydrogen fuel cell

Gazprom, OMV Meet on Establishing Nord Stream JV

At a Meeting held at the Gazprom headquarters between Alexey Miller, Chairman of the Company's Management Committee and Rainer Seele, Chairman of the Executive Board of OMV,

News

China Passes New Pollution Law, Will Cap Coal Consumption

Legislators have approved amendments to China's 15-year-old air pollution law that grant the state new powers to punish offenders and create a legal framework to cap coal consumption,

Marad Celebrates Deployment of Maritime Fuel Cell Project

The U.S. Department of Transportation’s Maritime Administration (MARAD) today celebrated the launch of field trials for the first prototype hydrogen fuel cell

Gazprom, OMV Meet on Establishing Nord Stream JV

At a Meeting held at the Gazprom headquarters between Alexey Miller, Chairman of the Company's Management Committee and Rainer Seele, Chairman of the Executive Board of OMV,

Government Update

Iranian Ship, Crew Escape Captivity off Somali Coast

An Iranian fishing vessel and its crew have escaped after being held captive for five months by Somali fishermen, maritime piracy experts said on Friday, but it

Migrant Boat Sinks off Libya; 200 Feared Dead

A boat packed with mainly African migrants bound for Italy sank off the Libyan coast on Thursday and officials said up to 200 might have died. A security official in the western town of Zuwara,

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3497 sec (3 req/sec)