Crude oil exports remain illegal


Following yesterday's reports that the ban on U.S. oil exports will begin to narrow, the White house has announced that there has been no change to its policy.

Pioneer Natural Resources (PXD) and Enterprise Products Partners (EPD) received permission this week to ship condensates to foreign buyers, leading reports to surface about a change to export policy. However, U.S. law allows for refined oil, even minimally refined, to be exported under the name fuel, instead of crude oil.

ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI

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Comments (8)
  • Patent News
    , contributor
    Comments (1456) | Send Message
     
    proof of the constant worthless rumors spreading throughout the markets
    26 Jun 2014, 02:54 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (10726) | Send Message
     
    What right does the White House have to interfere in private business?
    26 Jun 2014, 05:59 AM Reply Like
  • sabresfan21
    , contributor
    Comments (179) | Send Message
     
    I dunno, I am going to go with protect the interests of U.S. citizens. When a gallon of gas drops below $2.50 a gallon then they can export oil.
    26 Jun 2014, 07:35 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (10726) | Send Message
     
    If you think our current White House is all about "protecting the interests of U.S. citizens" then I've got a great deal for you on a bridge I just happen to own in New York City.

     

    By the by...the United States exports gasoline. That is why (VLO) and other had been shooting to the sky over the last few quarters.

     

    So there's that...
    27 Jun 2014, 05:21 AM Reply Like
  • mooseye
    , contributor
    Comments (63) | Send Message
     
    I don't really get it. People in government do some stupid things.
    If you allow the export of a gallon of gasoline or any other refined petroleum product, you are allowing several gallons of crude oil to leave this country. It doesn't really make any sense other than to appease an uninformed public. "Oh, you can't ship our crude overseas so we are saving our oil for our use." Malarky!
    And then the reaction of the market to the news that (2) out of 139 or so refineries can export a lightly processed product is more ridiculous. What possible difference can it make to john q if the product is lightly or heavily processed? You are still sending our oil out of the country. BEEN doing it people!
    One thing the internet has done is let clueless people sound off and react instantly, usually in the wrong direction, to news they really don't comprehend.
    26 Jun 2014, 09:11 AM Reply Like
  • Pablomike
    , contributor
    Comments (3777) | Send Message
     
    More than 2 out of 139. There are splitter refineries that have been exporting for a long time. They turn condensate into Naphtha, Kerosene, Butane, and Propane.
    26 Jun 2014, 02:40 PM Reply Like
  • Hendershott
    , contributor
    Comments (1685) | Send Message
     
    The ban on exporting unrefined crude was put in place by congress 40 years ago. It's not something new. What is new is the interpretation that condensates are sufficiently processed to be legally exported.
    26 Jun 2014, 09:47 AM Reply Like
  • 14 Matrix
    , contributor
    Comments (8) | Send Message
     
    The Us has trillions of dollars in debt spread around the world, about time we started selling something. This trend will continue.
    26 Jun 2014, 08:04 PM Reply Like
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