Moniz says oil industry hasn't made the case for U.S. exports


Energy Secretary Ernest Moniz said at the CERAWeek conference this week that the oil industry has failed to make a convincing case for why the U.S. government should allow the export of domestic oil when the U.S. still imports 5M bbl/day.

The statement should please America's refiners, who have enjoyed increased profits from buying U.S. oil on the cheap to produce products such as gasoline.

At the same time, Moniz went further than before in suggesting the Obama administration could redo the economic analysis that underpins its decisions on exporting American natural gas.

Moniz also dismissed speculation that the Obama administration has in mind a hard cap on possible natural gas exports.

Refiners: PSX, MPC, HFC, VLO, TSO, WNR, NTI, DK, CLMT, ALJ, CVI.

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Comments (10)
  • barryray
    , contributor
    Comments (18) | Send Message
     
    WHO is lobbying Moniz? His opinions stink, but they are important.
    5 Mar 2014, 07:08 PM Reply Like
  • barryray
    , contributor
    Comments (18) | Send Message
     
    Who is lobbying Moniz? His opinions stink, but they are important.
    5 Mar 2014, 07:10 PM Reply Like
  • jsijimmy
    , contributor
    Comments (556) | Send Message
     
    I wish some of the top SA oil/gas writers would comment on this one...i'm really not sure whether this is good or bad in the long run...
    5 Mar 2014, 07:40 PM Reply Like
  • 2PP
    , contributor
    Comments (343) | Send Message
     
    I'm overweight oil stocks, but as long as we are still importing 5m BBL/day we should not be exporting our domestically produced oil.
    5 Mar 2014, 08:06 PM Reply Like
  • COBeeMan
    , contributor
    Comments (2978) | Send Message
     
    Agreed! Seems like a no-brainer!
    6 Mar 2014, 09:20 AM Reply Like
  • Blue22
    , contributor
    Comments (449) | Send Message
     
    If we would build the damn pipelines, we wouldn't have to import any petroleum products at all! If we had been building gas and oil shipping the past few years, Russia wouldn't have a choke-hold on Eastern Europe and Germany!

     

    It's not just the TRP pipeline that Obama and his greens have stopped for nothing, there are several other TRP pipelines including mainlines for gas and oil all the way to both coasts, which are being blocked. Enbridge has several huge projects, nearly 15-20 billion dollars worth, which would bring Canada into the 21st century and out of the economic doldrums. Kinder Morgan is under constant attack by false accusations of illegal financial behavior and recently a bogus lawsuit! The Feds are doing nothing to stop the shorting destruction of KMI and KMP stocks!
    5 Mar 2014, 08:39 PM Reply Like
  • COBeeMan
    , contributor
    Comments (2978) | Send Message
     
    Blue22 - do you have any links to articles describing both sides of these issues?
    6 Mar 2014, 09:22 AM Reply Like
  • surfgeezer
    , contributor
    Comments (10225) | Send Message
     
    Long many energy companies, including explorers, developers, pipelines, docks, refiners. That said, IMHO, it is a bad idea to export oil until we truly have a surplus.

     

    Far better for any economy to keep their natural resources at home and extract the value from them BEFORE exporting. The longer the resource moves up the value chain the better for the economy. Think of it this way. If you export just oil you get only explorers and pipe line jobs. If you export refined products like diesel you get another layer of jobs and profits. As you go higher up, each layer adds jobs and profits. If you get cheaper plastic, you get many things to export as finished products.
    5 Mar 2014, 09:46 PM Reply Like
  • COBeeMan
    , contributor
    Comments (2978) | Send Message
     
    Agreed! However, the explorers, drillers, and pumpers don't really seem to care about the rest of the economy or feel that it is more important to not export jobs/profits. They just talk about their own profit margin and growth.
    6 Mar 2014, 09:27 AM Reply Like
  • BlueOkie
    , contributor
    Comments (10511) | Send Message
     
    Haven't you heard Obama has declared war on fossil fuels. We need to eliminate the EPA and Dept of Energy. This country could be off and running with cheap energy. Jobs would be back. Oh no! We have global warming, I mean climate change, I mean extreme weather patterns. I mean well there has to be something the public will buy into to stop this drilling for oil, fracking and coal.
    6 Mar 2014, 11:00 AM Reply Like
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