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

|By:, SA News Editor

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.