• 3 minutes Marine based energy generation
  • 5 minutes "Saudi Armada heading to U.S.", "Dumping" is a WTO VIOLATION.
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Which producers will shut in first?
  • 48 mins A small trial finds that hydroxychloroquine is not effective for treating coronavirus
  • 9 mins The GREAT OPEC+ Agreement
  • 3 hours US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 1 hour Trumps Oil Industry....
  • 10 hours Saudis to cut 4mm bbls. What a joke.
  • 10 hours Saudi Arabia Is Buying Up European Oil Majors
  • 7 hours Trump will be holding back funds that were going to W.H.O. Good move
  • 5 hours Chinese Communist Party
  • 11 hours Occidental hypocrisy
  • 59 mins Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 9 hours Russia's Rosneft Oil is screwed if they have to shut down production as a result of glut.
  • 5 hours Corona Price Tag
  • 14 hours Sharp real pure true hard working roughneck needing work..
Dan Dicker

Dan Dicker

Dan Dicker is a 25 year veteran of the New York Mercantile Exchange where he traded crude oil, natural gas, unleaded gasoline and heating oil…

More Info

Ending the Oil Export Ban: Who will be the Winners and Losers?

One of the energy themes we need to keep track of in 2014 is the possible end of the crude oil export ban here in the US, in place since the 70’s.  Energy Secretary Ernest Moniz called the ban ‘outdated’ at the Platts energy conference here in New York last Thursday.

Because of the quick rise of domestic oil production from shale, the US has experienced a deep surplus of high-quality low sulfur crude oils being produced in the mid-continent from the Eagle Ford, Bakken and Permian shale plays.  But because of the export ban on domestic crude, that oil has been forced into storage in financial nexus points like Cushing, Oklahoma and refinery nexus points like the Gulf Coast.   That, in turn, has caused a discounted price for our own produced crude oil compared to global prices, ranging in the last two years from $6 to $25 a barrel.  

Oil companies have been lobbying the Commerce Department to relax the hurdles to gaining export licenses, currently only rarely given and almost exclusively for export into Canada (where there is plenty of cheap crude anyway). The statement by the Energy Secretary would seem to indicate that the White House is ready to discuss an end to the export ban.  

Energy companies like Exxon (XOM), which has been a vocal advocate of ending the ban, claim that a free market for exporting would lower energy prices here in the US, while environmentalist and consumer advocates like Senator Edward…




Oilprice - The No. 1 Source for Oil & Energy News