U.S. crude exports could counter Russia in 90 days, Hess CEO says

The U.S. could give Europe and Ukraine relief from energy dependence on Russia within months if it overturned the 40-year ban on most U.S. crude oil exports, Hess (HES) CEO John Hess believes.

The CEO plays down the notion that reversing the ban could raise gasoline prices, saying prices are set on global futures markets and that the U.S. already exports millions of barrels per day of oil products.

Cheniere Energy (LNG) CEO Charif Souki disagrees, downplaying claims U.S. energy can save Europe from its dependence on Russian gas.

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Comments (7)
  • Topcat
    , contributor
    Comments (581) | Send Message
    That would be the wrong direction. If the law is still somehow allowing some oil/gas exports, then fix the law to keep ALL within the USA...that will lead to even more energy independence. Hello. With our natural gas and oil reserves, it can really really help our ecomomy instead of being dragged down with the rest of the world with high oil etc prices.
    11 Apr 2014, 11:53 AM Reply Like
  • COBeeMan
    , contributor
    Comments (2979) | Send Message
    I noticed he said "oil products". This tells me the exports are refined end products (there are a lot of products that are petroleum based), not the raw materials he wants to be able to export. Exporting raw materials is what third world countries do that don't have refineries. The only US beneficiaries of exporting raw materials would be the drillers and pumpers. However, I can see where a *temporary but extendable* allowance of NG exports specifically to Europe would be a good bargaining chip with Russia.
    11 Apr 2014, 12:32 PM Reply Like
  • Captain Pike
    , contributor
    Comments (890) | Send Message
    What I remember reading last year was about 3 million barrels of refined products including a LOT of gasoline. Nothing wrong with exporting refined products as long as we have plenty at a reasonable price. We could even expand that greatly in the future as we switch more towards the solar powered/ electric car model and natgas trucking. Plus even more if we get the coal to gas/liquids hopping. Pay off the debt in no time.
    11 Apr 2014, 06:13 PM Reply Like
  • Hendershott
    , contributor
    Comments (1842) | Send Message
    Europe needs NG not crude.
    11 Apr 2014, 01:31 PM Reply Like
  • lahdesa
    , contributor
    Comments (126) | Send Message
    US balance of payments would be helped by export of gas and oil.
    These are items in good demand.
    11 Apr 2014, 02:33 PM Reply Like
  • 11146471
    , contributor
    Comments (1381) | Send Message
    This is how all these fresh printed dollars will find true value! By becoming petro-dollars.
    11 Apr 2014, 04:13 PM Reply Like
  • Sakelaris
    , contributor
    Comments (2683) | Send Message
    In a time of international harmony these calculations might work. But this is part of an effort to harm Russia. Russia is a powerful nation with a strong sense of its rights in the Ukraine matter--and very few international confrontations end up playing out as they were originally planned.


    We are playing with fire and if things start to go wrong with the US plans, just watch the backpedaling from allies and from major corporations.
    11 Apr 2014, 07:13 PM Reply Like
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