Subscribe free to our newsletters via your
. Space Travel News .




OIL AND GAS
Shots fired in U.S. oil export row
by Daniel J. Graeber
Washington (UPI) Nov 20, 2014


disclaimer: image is for illustration purposes only

Claims that easing U.S. oil export restrictions won't have economic benefits go against peer-reviewed studies, the head of an oil producers coalition said.

An increase in U.S. oil production has led to calls from industry leaders and their supporters to ease restrictions placed on exports. Crude oil exports are restricted under legislation enacted in response to the oil embargo from Arab members of the Organization of Petroleum Exporting Countries in the 1970s.

George Baker, executive director of the Producers for American Crude Oil Exports, said multiple studies have shown lifting the ban would have widespread economic benefits.

"Any claim to the contrary goes against the findings of, among others, the Brookings Institution, IHS Energy, the Dallas Federal Reserve Bank, and the U.S. Government Accountability Office," he said in a statement sent Wednesday to UPI. "Moreover, such a claim lacks support from a single independent economic study."

Many of the reports referenced by Baker found there would be some consumer benefits from easing the restrictions, though each found lifting the ban did little to eliminate foreign dependency.

This week, Thomas O'Malley, executive chairman of refining company PBF Energy, said the "only logistical conclusion" to make if the ban were lifted is that oil prices will increase, refiners will reduce gasoline production in response and prices at the pump will increase.

That, in turn, will lead to "voter anger," he said.

U.S. refiners are restricted in terms of crude oil exports, but face few road blocks in terms of gasoline exports. When gas prices at home decline, those in the refinery sector can look for a better price overseas, where some countries pay the equivalent of $10 for a gallon of gasoline. That, in turn, limits the floor on U.S. gasoline prices.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








OIL AND GAS
Shale revolutionary for United Kingdom, company boss says
London (UPI) Nov 20, 2014
Chemical company Ineos said shale natural gas could "revolutionize" the British economy, though it's been met with stiff opposition from environmental advocates. Ineos Chairman Jim Ratcliffe unveiled preliminary plans to give momentum to the fledgling British shale natural gas industry. At a Thursday conference, the chairman said substantial investments could follow developments in shal ... read more


OIL AND GAS
Soyuz Installed at Baikonur, Expected to Launch Wednesday

Time-lapse video shows Orion's move to Cape Canaveral launch pad

SpaceX chief Musk confirms Internet satellite plan

Orbital recommits to NASA Commercial program and Antares

OIL AND GAS
Warmth and flowing water on early Mars were episodic

Next NASA Mars Mission Reaches Milestone

Mars, too, has macroweather

Comet lander 'working well', but may be on slope

OIL AND GAS
After Mars, India space chief aims for the moon

China examines the three stages of lunar test run

China gears up for lunar mission after round-trip success

NASA's LRO Spacecraft Captures Images of LADEE's Impact Crater

OIL AND GAS
Clues Revealed About Hidden Interior of Uranus

New Horizons Set to Wake Up for Pluto Encounter

Hubble Telescope Finds Potential Kuiper Belt Targets for New Horizons Pluto Mission

It's Just a Phase: Changes on Pluto's Surface

OIL AND GAS
Follow the Dust to Find Planets

NASA's TESS mission cleared for next development phase

ADS primes ESA's CHEOPS to detect and classify exoplanets

NASA's TESS Mission Cleared for Next Development Phase

OIL AND GAS
3-D Printed Engine Parts Withstand Hot Fire Tests

Swiss Space Systems concludes first phase of drop-tests

Space pilot 'unbuckled' himself as craft split apart

Orion launch to test human flight risks in deep space

OIL AND GAS
China publishes Earth, Moon photos taken by lunar orbiter

China plans to launch about 120 applied satellites

Mars probe to debut at upcoming air show

China to build global quantum communication network in 2030

OIL AND GAS
Philae probing comet with hours left on battery

Comet probe in race against time to crown stellar feat

Geologic Maps of Vesta from NASA's Dawn Mission Published

Images show Philae's historic comet bounce




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.