ATR Statement on Lifting the Crude Oil Export Ban

Ending the 1975 restrictions on crude exports was part of the last-minute deal making among congressional leaders and the White House.

The measure was included in a massive US$1.1 trillion spending bill that easily passed Congress and now heads to the desk of President Barack Obama for his signature.

“It puts the United States in the driver’s seat of energy policy worldwide”, Barton said.

“Caving to the oil industry on the crude oil export ban flies in the face of the scientific imperative to start leaving fossil fuels in the ground”. Don’t let the real impact of the ban’s lifting on the Bakken get lost in the generalized story about energy independence, policy fairness or its impact on global oil prices.

Wind developers would get at least five more years to claim a production tax credit that helps finance those projects, with the amount of that credit gradually scaling down.

The deal could be reached before the end of the year in conjunction with broader spending and tax bill.

In just the past few years alone, the U.S. lost 80,000 jobs because oil producers have been forced to scale back their rigs by almost 60 per cent. Tom Udall’s office, WIPP will be receiving $305 million with the new spending bill, with $82 million being dedicated to recovery activities.

Conservationists, sportsmen, hunters and hikers cast the temporary extension as a modest win, falling short of the permanent extension and full funding they have been seeking.

If Congress approves the deal and President Obama signs it, it would end trade limits established to counter the energy-supply shortages of the 1970s.

PBF Energy Inc, Philadelphia Energy Solutions LLC, Alon USA Energy Inc and Delta Air Lines unit Monroe Energy also say the ban protects national security and supports economic growth by keeping energy prices low for manufacturers. The cost of a barrel of crude oil has dropped by two-thirds since the summer of previous year, with little expectations of a rise any time soon.

West Texas Intermediate crude for January delivery declined as much as 62 cents to $36.73 a barrel on the New York Mercantile Exchange and was at $36.77 at 4:20 p.m.in Singapore. The gap between WTI and Brent – the North Sea grade used globally – was at 99 cents after closing Tuesday at $1.10, the narrowest since January. It was the lowest settlement since February 2009. Still, environmental groups worry that the rush by big US energy companies to supply the world with crude will have devastating effects on the climate.

US oil and gas producers are hailing the lifting of a 40-year-old ban on American oil exports as a lifeline at a time when their sector is being decimated by sliding prices and oversupply. They also claim they would be “forced” to pass along higher prices to USA consumers. “Lifting the ban may be good for oil companies in the United States, and it could potentially be useful if USA producers chose to selectively export oil to allies in an event of crisis”.

-With assistance from Billy House, James Rowley, Heesu Lee and Erik Wasson.