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Page added on September 10, 2015
US House Panel Passes Bill To Repeal Oil Export Ban
A U.S. House of Representatives subcommittee passed a bill on Thursday to repeal the U.S. ban on oil exports, providing momentum in the chamber for overturning the 40-year old trade restriction.
The House Energy and Power subcommittee passed the bill by a voice count. The legislation, sponsored by Republican Representative Joe Barton of Texas, is expected to be voted on by the full Energy and Commerce committee next week.
Passage by the full panel would set it up for a wider vote by the Republican-led House, where it is expected to pass. The measure, however, still faces an uphill battle in the U.S. Senate.
Barton said the energy landscape has changed since 1975 and repealing the ban would provide jobs and help allies diversify their oil supplies.
Representatice Frank Pallone, a New Jersey Democrat, said repealing the ban would lead to a “significant pay day for oil producers,” but it was less certain it would benefit consumers and it would put oil refinery jobs in jeopardy.
The bill has 123 co-sponsors in the 435-member House, with only 14 Democrats signing on.
But backers of a similar bill in the Senate including Senators Lisa Murkowski, a Republican from Alaska, and Heidi Heitkamp, a Democrat from North Dakota, need to garner more support from Democrats.
A similar bill passed the Senate energy panel this summer, but no Democrats voted for the legislation in the committee. Although Republicans also lead the Senate, the measure would need support from at least six Democrats to reach the 60 needed to pass that chamber.
20 Comments on "US House Panel Passes Bill To Repeal Oil Export Ban"
Nony on Thu, 10th Sep 2015 6:31 pm
Cue mudlogger FUD in 3, 2, 1…
‘There’s no export ban…a teensy fraction gets out under exception…therefore no exports are banned.’
Oh…well then what the FUCK are they repealing, then mudlogger? You know there is a LAW they are repealing. Dumbshit.
BobInget on Thu, 10th Sep 2015 7:01 pm
7.5 Million barrels were Imported last week and every week this year, on average.
http://www.eia.gov/dnav/pet/pet_move_impcus_a2_nus_ep00_im0_mbbl_m.htm
Mexico is a net importer of crude.
Canada, America’s main supplier will be shipping bitumen east in 2016.
Venezuela’s entire production is spoken for by China.
Ecuador, the same.
All of Angola’s exports now go to China.
This makes the US almost entirely KSA dependent.
Good luck finding crude to refine much less export.
apneaman on Thu, 10th Sep 2015 7:16 pm
So nony, now you’re doing preemptive strikes on commenters who have not yet weighed in? I guess you just couldn’t wait eh? Probably practiced in front of the mirror all morning. Sad little man 🙁
Davy on Thu, 10th Sep 2015 7:27 pm
NOo, not cool. You can do better than cheap shots against a respected member.
dissident on Thu, 10th Sep 2015 7:36 pm
I guess all those dreams of cheap prices at the gas pump are out the window. LOL.
Makati1 on Fri, 11th Sep 2015 12:19 am
“… (Bloomberg) — The U.S. exported a record amount of crude oil in November after a five-year run of production growth that has made the country the most oil-independent in 20 years.
Shipments surged 34 percent to average 502,000 barrels a day in November, the most on record dating back to 1920, data from the U.S. Census Bureau and the Energy Information Administration show. The previous peak was 455,000 in March 1957. The U.S. is now the 17th-largest exporter. ”
http://www.bloomberg.com/news/articles/2015-01-07/oil-exports-from-u-s-jump-34-to-record-as-shale-output-booms
Doesn’t sound like it is illegal, does it? LMAO
rockman on Fri, 11th Sep 2015 12:09 pm
Nony – Thanks for an easy soft pitch I can hit out of the park. “…well then what the FUCK are they repealing.” They are repealing a law that had so many loopholes and exceptions that there was effectively no ban on US oil exports. Such as the annual rate of 200 million bbls of US oil expots the country experienced last April.
Mucho thanks, amigo. LOL.
marmico on Fri, 11th Sep 2015 12:47 pm
You are a minor leaguer, rockman!
http://fingfx.thomsonreuters.com/2014/10/22/15271870b1.pdf
GregT on Fri, 11th Sep 2015 12:57 pm
marmi,
You, on the other hand, are a speck of mud on the water-boy’s flip flops. You aren’t even in a league. Loser.
Nony on Fri, 11th Sep 2015 1:21 pm
1. Follow the money, Rockman. If there’s no impact of the restrictions than why has LLS cost several dollars LESS than Brent for the last few years, when it traditionally traded at a slight premium? The spread on condensate is even much larger. If there are so many exceptions that there’s no impact, than we should not see those spreads.
2. Fine. Let us repeal it anyways. According to you, there’s no change, so just let us go ahead and do it. [P.s. watch the refineries squeal like little porky piglets. Don’t think they would do that if it were really irrelevant! ;)]
rockman on Fri, 11th Sep 2015 1:28 pm
Nony – You need to pay attention. I didn’t say the should repeal anything. I just said it won’t matter. BT you should start preparing your explanation as to why US oil price don’t boom once the “ban” is repealed.
rockman on Fri, 11th Sep 2015 1:34 pm
Greg – please don’t pick on my buddy marm. I always count on such responses to add to my credibility. LOL.
Nony on Fri, 11th Sep 2015 2:33 pm
The LLS-Brent spread will tighten. At higher APIs (e.g. lease condensate), the spreads of US to offshore are higher, so more tightening will (can) occur.
GregT on Fri, 11th Sep 2015 2:34 pm
Keep your fingers crossed Nony. Always a wise thing to do when playing in the casino.
Nony on Fri, 11th Sep 2015 2:46 pm
🙂
https://www.youtube.com/watch?v=5RiuE1rWnso
Apneaman on Fri, 11th Sep 2015 3:04 pm
Goldman Sachs downgrades oil forecast, says $20 per barrel is possible
http://www.cbc.ca/news/business/goldman-sachs-oil-1.3223993
Nony on Fri, 11th Sep 2015 3:24 pm
The betting money could care less what Goldman Sucks says. Crude is at $45 and in contango (rising price of futures contract further out in time).
Options-based probabilities show less than 5% probability for a given crude contract* out to DEC2016.
http://www.eia.gov/todayinenergy/detail.cfm?id=22572
*This is different from saying crude can’t dip below that for any time during the interval. But still shows huge unlikeliness.
GregT on Fri, 11th Sep 2015 3:43 pm
https://www.youtube.com/watch?v=8_GnfWpfadg 🙂
Apneaman on Fri, 11th Sep 2015 4:38 pm
Nony got one right “betting money”
Goldman Sachs could care less as long as the suckers keep betting the house never loses.
Nony on Fri, 11th Sep 2015 5:48 pm
Greg,
Peak oil is a minor danger. VVS is the greater threat:
https://www.youtube.com/watch?v=Bt9zSfinwFA