Jun 8, 2017 In Case You Missed It: U.S. Oil Exports Double, Reshaping Vast Global Markets (The Wall Street Journal)
IN CASE YOU MISSED IT: The Wall Street Journal today…
‘U.S. Oil Exports Double, Reshaping Vast Global Markets’… “American oil exports are emerging as a disruptive new force in global markets. The U.S. exported 1 million barrels of oil a day during some months so far this year—double the pace of 2016—and is on track to average that amount for all of 2017, according to a Wall Street Journal analysis of data from the U.S. Energy Department and the International Trade Commission. In another era, a domestic glut and low prices, currently hovering under $50 a barrel, might have caused companies to slow the pace of drilling. But since Congress lifted a ban on oil exports at the end of 2015, shipments out of Texas and Louisiana have skyrocketed, taking the fruits of the U.S. fracking revolution to new markets.” –Wall Street Journal, 06/08/2017
FLASHBACK: Independent producers led the effort to lift the decades-old ban on U.S. crude oil exports…
“The Independent Petroleum Association of America called lifting the oil export ban a shot in the arm for the industry. ‘The more turmoil occurs around the world, the more our friends and allies are looking to the United States to be a stable supplier of energy,’ said Barry Russell, president and CEO of the group.” –Washington Examiner 12/18/2015
“This will enable American oil producers ‘to compete on a level playing field with countries like Iran and Russia, delivering energy security to our friends and allies, advancing the energy revolution that has revitalized our economy, and providing meaningful benefits to families and consumers across the United States,’ said Barry Russell, president of the Independent Petroleum Association of America.” –Houston Business Journal 12/18/2015
“‘Allowing American producers to export their surplus US crude oil will keep our nation’s energy revolution moving forward, strengthening our energy security, and generating significant savings for American families and consumers. The year-long push to get this critical priority across the finish line has not been easy…This is a big win for the American people,’ said Barry Russell, president and CEO, Independent Petroleum Association of America.” –Oil & Gas Financial Journal 01/12/2016
“‘When you look at the 2014 [oil export] numbers, they were very encouraging,’ said Frederick Lawrence, vice president of economics at IPAA. ‘We’ve done studies showing that direct jobs, indirect jobs, and induced jobs will grow. There will be more jobs overall. That big structural change of being able to export every molecule of crude oil is very important.” –The Daily Caller 02/05/2017
Representing all independent producers – many of which are family-owned small businesses – that develop 90 percent of America’s oil and natural gas wells, IPAA sincerely thanks Democrat and Republican Congressional leadership for voting to lift the ban on U.S. crude oil exports.
About the Independent Petroleum Association of America
The Independent Petroleum Association of America (IPAA) is a national upstream trade association representing thousands of independent oil and natural gas producers and service companies across the United States. Independent producers develop 90 percent of the nation’s oil and natural gas wells. These companies account for 54 percent of America’s oil production, 85 percent of its natural gas production, and support over 2.1 million American jobs. Learn more about IPAA by visiting www.ipaa.org and following @IPAAaccess on Twitter.