U.S. opening of oil export tap widens battle for global market
Source: Reuters
(Reuters) - The Obama administration has opened a new front in the global battle for oil market share, effectively clearing the way for the shipment of as much as a million barrels per day of ultra-light U.S. crude to the rest of the world.
The Department of Commerce on Tuesday ended a year-long silence on a contentious, four-decade ban on oil exports, saying it had begun approving a backlog of requests to sell processed light oil abroad. It also issued a long-awaited document outlining exactly what kinds of oil other would-be exporters can ship.
The administration's first serious effort to clarify an issue that has caused confusion and consternation in energy markets for more than a year will likely please domestic oil drillers, foreign trade partners and some Republicans who have urged Obama to loosen the export ban, which they see as an outdated holdover from the 1970s Arab oil embargo.
The latest measures were wrapped in regulatory jargon and couched by some as a basic clarification of existing rules, but analysts said the message was unambiguous: a green light for any company willing and able to process their light condensate crude through a distillation tower, a simple piece of oilfield kit.
Read more: http://www.reuters.com/article/2014/12/31/us-usa-crude-exports-analysis-idUSKBN0K908M20141231
= new reply since forum marked as read
...and are running them plays 1-2-3.
- The one they're running now is called the old ''flying wedgie'' designed to separate the competition as the hero drives down the middle of the field untouched. TOUCHDOWN!!! THE FANS GO WILD!!!
Unfortunately this play went out with the introduction of the forward pass. And nice work laying off your own guys!! This will also have the collateral ''benefit'' of getting rid of a lot small and medium size drillers and leave the field to the BIGBOYS. Not to mention all those oil-rig driller's loan defaults that will now occur since they can't roll them over with declining oil prices. What a bunch of maroons.
