Phillips 66 says lifting U.S. crude export ban good for refiners, U.S. trade

|About: Phillips 66 (PSX)|By:, SA News Editor

Lifting the U.S. ban on crude exports would give refiners more flexibility to run a variety of grades and help narrow the U.S. trade deficit, a Phillips 66 (PSX -0.2%) official said yesterday as did former Sec. of State James Baker.

The comments come as production of U.S. crude has surged to a 25-year high and refiners say their capacity to process more light, sweet crude from onshore fields will eventually hit a wall.

Scrapping the ban would affect refiners differently: PSX has 21% of its refinery capacity outside the U.S. and has put a plant in Ireland up for sale, while Valero (VLO -0.5%) has nearly all its working capacity in North America.