U.S. Oil Export ban no longer necessary says Exxon Chief 

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Rex Tillerson, ExxonMobil’s CEO, says the ban on exports of U.S. crude oil that’s been in effect for decades is no longer necessary and a lifting of regulatory constraints on liquefied natural gas (LNG) would increase America’s energy and employment security.

“In the current debates about LNG and crude oil exports,” Tillerson told a business group in Houston on Oct. 2, “economists and leaders from across the political spectrum, from all sides, agree that free trade would lead to increased investment, more jobs and, importantly, increased production.

“Allowing the marketplace to determine the viability of energy exports or other infrastructure projects, as opposed to making decisions based on political calculus, is the proper course of action,” Tillerson said. “Government is especially well positioned to play a positive role by opening up markets, strengthening international ties and promoting free trade.”

Dozens of companies already are prepared to export a very light form of crude called condensate, as well as LNG, at a time when progress in horizontal drilling and hydraulic fracturing, or fracking, has caused U.S. oil and gas production to swell to their highest levels in a quarter century.

Keystone XL requires State Department approval because it would cross international boundaries, but the debate and political maneuvering has repeatedly delayed what Tillerson called necessary approval of the project, “preventing job creation.”

 

Source: oilpricecom– U.S. Oil Export ban no longer necessary says Exxon Chief

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