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The Dark Horse Of The Oil Price Rally

The Dark Horse Of The Oil Price Rally

Vietnam is set to break…

Trump Approves New U.S.-Mexico Petroleum Pipeline

Mex-US

To boost American energy exports, the administration of U.S. President Donald Trump has approved the construction of a new petroleum pipeline from the U.S. to Mexico that “will go right under the wall,” President Trump said on Thursday.

As part of the ‘energy week’, which promotes U.S. global leadership and dominance in energy, President Trump announced six initiatives “to propel this new era of American energy dominance,” he said.

The first initiative is the U.S. to start reviving and expanding its nuclear energy sector. Next, the Department of the Treasury will address barriers to the financing of highly efficient, overseas coal energy plants, President Trump said, mentioning Ukraine as one of the countries that need coal. The third initiative is the petroleum pipeline to Mexico. The fourth step to growing American relevance in global energy is U.S. Sempra Energy signing a deal to start negotiating sales of more American natural gas to South Korea.

The U.S. also approved two long-term applications to export additional natural gas from the Lake Charles LNG terminal in Louisiana, President Trump said, pointing out the fifth initiative. As a sixth initiative, the U.S. is “creating a new offshore oil and gas leasing program” to open up more areas for offshore development, President Trump said.

We will be dominant. We will export American energy all over the world, all around the globe. These energy exports will create countless jobs for our people, and provide true energy security to our friends, partners, and allies all across the globe,” President Trump said in his speech.

Related: $30 Oil Could Spark Contagion In Energy Markets

The U.S. Department of State issued on Thursday three pipeline presidential permits for U.S.-Mexico pipelines. The permit for the New Burgos Pipeline authorizes construction, connection, operation, and maintenance of a new pipeline that has the capacity to deliver up to 108,000 bpd of certain refined petroleum products. The pipeline will cross the U.S.-Mexico border near Peñitas, Texas.

“New permits for the existing Dos Laredos and existing Burgos pipelines, which cross the border in Texas near Laredo and Peñitas, respectively, reflect a change in the name of the permit holder and authorize transport of a broader range of petroleum products than under the previous Presidential permits,” the Department of State said.

The U.S. Department of Energy announced on Thursday the approval of the two long-term applications to export additional LNG from the Lake Charles LNG Liquefaction Project in Lake Charles, LA.

By Tsvetana Paraskova for Oilprice.com

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  • Naomi on July 01 2017 said:
    Mexico would be a wealthy oil exporting nation if it had not nationalized the American oil properties.

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