Updates
Later, 7:37 pm: oil is not particularly useful if it is not refined into useable products, such as diesel or gasoline. There won't be any new refineries built in the US, except for boutique refineries such as the three being promoted in North Dakota. Sea-going tankers can transport refined products just as easily as oil; and Canadian refineries can push gasoline and diesel back to the US. This is not rocket science. For all the talk about a global economy, ....
Original Post
From Wall Street Cheat Sheet:Exxon Mobil Corporation, Royal Dutch Shell, and BP are among the six companies that have applied to the United States government for crude oil export licenses, says The Financial Times.
American exports could substantially affect oil trading patterns among North America, Europe and West Africa along with exerting pressure on prices of Brent in particular and other crudes.BP already has a license, I believe, to export US oil to Canada (recently announced, posted, if I recall correctly).
The US exports gasoline, diesel, propane, coal, etc.
ReplyDeleteRestrictions create inefficiency. Stuff will come and go as makes sense, hopefully.
Anon 1
I agree, and I hope so, also.
DeleteToday, we visited the Concord Museum in Concord, Massachusetts. One of the books under glass was a first printing of Henry David Thoreau's "On Civil Disobedience," opened to a page in which he says: "...‘That government is best which governs least.’”
I find that highly ironic, being written in that part of the country that is often seen as home of the national party that loves to regulate most.
I also saw the bumper sticker: "Vote [insert party of choice here.] It's easier than thinking." Yes, I get a headache thinking about that $16 trillion debt.
But I digress. It will be interesting to watch the national debate on oil exports.