Lifting the Crude Oil Export Ban

Size: px
Start display at page:

Download "Lifting the Crude Oil Export Ban"

Transcription

1 September 2015 Lifting the Crude Oil Export Ban Explainer I: Crude Oil Export Ban Overview The Bipartisan Policy Center (BPC) prepared this overview as part of a series to promote greater understanding of the issues surrounding the crude oil export ban. Subsequent issue briefs will address potential domestic effects of lifting the ban and possible geopolitical implications. As BPC President Jason Grumet outlined in testimony to the House Foreign Affairs Terrorism, Non Proliferation, and Trade Subcommittee earlier this year, BPC supports lifting the crude oil export ban.

2 Origin of the Crude Oil Export Ban In 1973, the Organization of the Petroleum Exporting Countries enacted an oil embargo as a reaction to America s involvement with Israel in the Yom Kippur War. The Arab oil embargo took a significant toll on the U.S. economy, given that the United States imported approximately 28 percent of what it consumed, leading to an oil crisis as prices rose sharply. As a reaction to the oil crisis, ensuring U.S. energy security became a vital national goal, resulting in a series of policies from wage and price controls to the eventual passage of statutes that banned exports of crude oil, among other resources and products. An energy export ban was enacted in the hopes of increasing domestic reserves and diminishing reliance on foreign imports. Current Status of the Export Ban Today, the energy export ban applies only to crude oil. The United States is the only member of the Organisation for Economic Co-operation and Development and the International Energy Agency that has effectively banned the export of crude oil produced domestically. Both the Energy Policy and Conservation Act of 1975 and the Export Administration Act of 1979, which grants the president the authority to withhold the exports of specific products as a matter of national security, largely prohibit U.S. crude oil exports. While the Export Administration Act expired in August 2001, President George W. Bush and President Barack Obama each extended it through executive order every year since then. There are some exceptions to the ban, and any crude oil exports that are allowed require a license from the Department of Commerce s Bureau of Industry and Security. For example, limited crude oil exports are allowed to Canada for domestic refining and consumption. Exports may also be permitted on a case-by-case basis under certain circumstances, such as crude oil produced from the Cook Inlet or North Slope in Alaska, and California heavy crude shipped to Pacific Rim countries. 1 Both were deemed to be in the national interest and received exemptions. Why is Lifting the Crude Oil Export Ban Being Considered Today? America s Energy Landscape Has Shifted Drastically America s energy position is very different today than it was in 1970s. The advent of hydraulic fracturing and shale oil and gas development, particularly in the Bakken (North Dakota) and Eagle Ford (Texas), has significantly increased U.S. energy production volumes. Indeed, oil production has grown more in the United States over the past five years than anywhere else in the world. 2 2

3 Crude Oil Production Million Bpd Jan-2000 Jul-2000 Jan-2001 Jul-2001 Jan-2002 Jul-2002 Jan-2003 Jul-2003 Jan-2004 Jul-2004 Jan-2005 Jul-2005 Jan-2006 Jul-2006 Jan-2007 Jul-2007 Jan-2008 Jul-2008 Jan-2009 Jul-2009 Jan-2010 Jul-2010 Jan-2011 Jul-2011 Jan-2012 Jul-2012 Jan-2013 Jul-2013 Jan-2014 Jul-2014 Jan-2015 Increase in Domestic Production and Decline in Imports The unconventional crude oil energy revolution has led to a surplus supply of light crude oil in the United States, largely due to a number technological innovations in drilling techniques. The United States is now producing more than nine million barrels per day (bpd) of crude oil, equal to almost 12 percent of total global production. 3 By comparison, the United States was producing approximately five million bpd of crude oil in 2005, which contributed around 6 percent of the world s production. 4 Crude oil imports have fallen steadily from 11 million bpd in 2004 to roughly seven million bpd in Crude Oil Imports Million Bpd JAN-90 JAN-91 JAN-92 JAN-93 JAN-94 JAN-95 JAN-96 JAN-97 JAN-98 JAN-99 JAN-00 JAN-01 JAN-02 JAN-03 JAN-04 JAN-05 JAN-06 JAN-07 JAN-08 JAN-09 JAN-10 JAN-11 JAN-12 JAN-13 JAN-14 JAN-15 3

4 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% New Production is Not Well Suited to Domestic Refining Capacity Crude Oil Imports by Type (API Gravity) Heavy (25 or less) Medium (25 to 35) Light (35 or more) In general, U.S. refineries are configured to most efficiently process heavier crude oils, rather than the light sweet crude oil that is produced domestically from shale. Refined oil products, such as gasoline and heating oil, are not subject to export restrictions, and U.S. exports of these products have nearly tripled since U.S. refiners have invested a significant amount of resources over the last few decades to reconfigure their plants so they can efficiently process heaver oil slates sold at a discounted rate from Canada, Mexico, and Venezuela. High volumes of domestic light sweet crude oil have created a mounting glut in certain areas of the country. If the glut continues, domestic oil production will likely slow down. Furthermore, the collapse in global crude oil prices has driven U.S. producers to reevaluate their investments, causing significant layoffs across the industry and forcing the number of American drilling rigs in operation to dramatically decline. Lifting the crude oil export ban will alleviate these inefficiencies, and allow U.S. crude to reach the refinery market abroad. Increased oil on the market will decrease market volatility and sustain America s energy abundance. Infrastructure Bottlenecks are Creating Market Distortions The conditions discussed above tend to result in domestic producers of light crude being forced to sell their product to domestic refineries at a discount. 4

5 $USD JAN-12 FEB-12 MAR-12 WTI Crude Oil Prices APR-12 MAY-12 JUN-12 JUL-12 AUG-12 SEP-12 OCT-12 NOV-12 DEC-12 JAN-13 FEB-13 MAR-13 APR-13 MAY-13 JUN-13 JUL-13 AUG-13 SEP-13 OCT-13 NOV-13 DEC-13 JAN-14 FEB-14 MAR-14 APR-14 MAY-14 JUN-14 JUL-14 AUG-14 SEP-14 OCT-14 NOV-14 DEC-14 JAN-15 FEB-15 MAR-15 APR-15 MAY-15 JUN-15 Infrastructure bottlenecks in the United States, including pipeline constraints, make it more difficult and expensive to ship crude oil to domestic refiners. These market dynamics weaken the prices oil producers receive and limit production growth. 7 The spread between West Texas Intermediate (WTI) prices (the U.S. reference crude price) and the North Sea Brent price (typically used as the global benchmark for crude) has expanded significantly since the onset of the shale revolution. This means that U.S. crude producers are selling domestically at a discount compared with what international crude producers receive on the global market. Removing the crude oil export ban has the potential to reduce this spread and allow the U.S. industry to compete in the global marketplace. WTI - Brent Price Spread $USD 0 JAN-00 JAN-01 JAN-02 JAN-03 JAN-04 JAN-05 JAN-06 JAN-07 JAN-08 JAN-09 JAN-10 JAN-11 JAN-12 JAN-13 JAN-14 JAN

6 End Notes 1 U.S. Energy Information Administration, Notes, Exports by Destination, June 30, Available at: pet_move_expc_a_epc0_eex_mbbl_m.htm. 2 Blake Clayton, The Case for Allowing U.S. Crude Oil Exports, Council on Foreign Relations Press, July Available at: 3 U.S. Energy Information Administration. Available at: cfm?tid=5&pid=57&aid=1&cid=regions&syid=2010&eyid=2014&unit=tbpd. 4 U.S. Energy Information Administration. Available at: cfm?tid=5&pid=57&aid=1&cid=regions&syid=2010&eyid=2014&unit=tbpd. 5 U.S. Energy Information Administration. Available at: mbblpd_a.htm. 6 U.S. Energy Information Administration. Available at: ashx?n=pet&s=mtpexus2&f=a. 7 Brad Plumer, U.S. oil exports have been banned for 40 years. Is it time for that to change? The Washington Post, January 8, Available at: years-is-it-time-for-that-to-change/. 6

7 Founded in 2007 by former Senate Majority Leaders Howard Baker, Tom Daschle, Bob Dole and George Mitchell, the Bipartisan Policy Center (BPC) is a non-profit organization that drives principled solutions through rigorous analysis, reasoned negotiation and respectful dialogue. With projects in multiple issue areas, BPC combines politically balanced policymaking with strong, proactive advocacy and outreach. bipartisanpolicy.org Eye Street NW, Suite 1000 Washington, DC facebook.com/bipartisanpolicycenter instagram.com/bpc_bipartisan flickr.com/bpc_bipartisan BPC Policy Areas Economy Energy Finance Governance Health Housing Immigration National Security 7

8 1225 Eye Street NW, Suite 1000 Washington, DC bipartisanpolicy.org

Lifting the Crude Oil Export Ban

Lifting the Crude Oil Export Ban September 2015 Lifting the Crude Oil Export Ban Explainer III: Geopolitical Ramifications of Lifting the Crude Export Ban In 1975, Congress passed the Energy Policy and Conservation Act, which paved the

More information

JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY RICE UNIVERSITY

JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY RICE UNIVERSITY JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY RICE UNIVERSITY Testimony of Kenneth B. Medlock III, PhD James A. Baker, III, and Susan G. Baker Fellow in Energy and Resource Economics, and Senior Director,

More information

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION 30-Apr-2004 28.35 29.00 28.20 28.46 28.55 03-May-2004 28.50 28.70 26.80 27.04 27.21 04-May-2004 26.90 26.99 26.00 26.00 26.38 05-May-2004 26.05 26.69 26.00 26.35 26.34 06-May-2004 26.31 26.35 26.05 26.26

More information

Keeping Our Options Open: Markets for Canadian Crude and the Pipeline Dilemma

Keeping Our Options Open: Markets for Canadian Crude and the Pipeline Dilemma Keeping Our Options Open: Markets for Canadian Crude and the Pipeline Dilemma Trisha Curtis, Research Analyst Energy Policy Research Foundation, Inc. (EPRINC) CERI Oil Conference 2012 April 23 rd, 2012

More information

Oil and Gas U.S. Industry Outlook

Oil and Gas U.S. Industry Outlook Oil and Gas U.S. Industry Outlook VERSION 01 YEAR 13 OUTLOOK: Positive fundamentals & outlook www.eulerhermes.us Key points WTI Crude is expected to continue to converge to Brent crude prices, narrowing

More information

Median and Average Sales Prices of New Homes Sold in United States

Median and Average Sales Prices of New Homes Sold in United States Jan 1963 $17,200 (NA) Feb 1963 $17,700 (NA) Mar 1963 $18,200 (NA) Apr 1963 $18,200 (NA) May 1963 $17,500 (NA) Jun 1963 $18,000 (NA) Jul 1963 $18,400 (NA) Aug 1963 $17,800 (NA) Sep 1963 $17,900 (NA) Oct

More information

THE UNIVERSITY OF BOLTON

THE UNIVERSITY OF BOLTON JANUARY Jan 1 6.44 8.24 12.23 2.17 4.06 5.46 Jan 2 6.44 8.24 12.24 2.20 4.07 5.47 Jan 3 6.44 8.24 12.24 2.21 4.08 5.48 Jan 4 6.44 8.24 12.25 2.22 4.09 5.49 Jan 5 6.43 8.23 12.25 2.24 4.10 5.50 Jan 6 6.43

More information

EIA s U.S. Crude Oil Import Tracking Tool: Selected Sample Applications

EIA s U.S. Crude Oil Import Tracking Tool: Selected Sample Applications EIA s U.S. Crude Oil Import Tracking Tool: Selected Sample Applications November 2014 Independent Statistics & Analysis www.eia.gov U.S. Department of Energy Washington, DC 20585 This report was prepared

More information

HOW EXPANDING U.S. CRUDE EXPORTS CAN MEAN CHEAPER GAS FOR AMERICANS

HOW EXPANDING U.S. CRUDE EXPORTS CAN MEAN CHEAPER GAS FOR AMERICANS HOW EXPANDING U.S. CRUDE EXPORTS CAN MEAN CHEAPER GAS FOR AMERICANS BY DAN EBERHART, CEO, CANARY, LLC CANARYUSA.COM WELLHEADS FRAC EQUIPMENT PRODUCTION SERVICES MANUFACTURING HOW EXPANDING U.S. CRUDE EXPORTS

More information

CHANGING CRUDE OIL MARKETS. Allowing Exports Could Reduce Consumer Fuel Prices, and the Size of the Strategic Reserves Should Be Reexamined

CHANGING CRUDE OIL MARKETS. Allowing Exports Could Reduce Consumer Fuel Prices, and the Size of the Strategic Reserves Should Be Reexamined United States Government Accountability Office Report to the Ranking Member, Committee on Energy and Natural Resources, U.S. Senate September 2014 CHANGING CRUDE OIL MARKETS Allowing Exports Could Reduce

More information

Global Energy Markets Overview. Jason Feer Argus Media Ltd Pacific Economic Cooperation Council 17 May 2006

Global Energy Markets Overview. Jason Feer Argus Media Ltd Pacific Economic Cooperation Council 17 May 2006 Global Energy Markets Overview Jason Feer Argus Media Ltd Pacific Economic Cooperation Council 17 May 2006 Introduction Argus, who we are & what we do Today s energy markets Why are prices high? What does

More information

Oil & Gas Market Outlook. 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016

Oil & Gas Market Outlook. 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016 Oil & Gas Market Outlook 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016 Challenging Market Environment Concerns that global economic growth will slow and reduce global oil and natural

More information

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network

More information

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF)

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF) NAV HISTORY OF DBH FIRST MUTUAL FUND () Date NAV 11-Aug-16 10.68 8.66 0.38% -0.07% 0.45% 3.81% 04-Aug-16 10.64 8.66-0.19% 0.87% -1.05% 3.76% 28-Jul-16 10.66 8.59 0.00% -0.34% 0.34% 3.89% 21-Jul-16 10.66

More information

The Changing Relationship Between the Price of Crude Oil and the Price At the Pump

The Changing Relationship Between the Price of Crude Oil and the Price At the Pump In 2007, what goes up, does not necessarily come down... May 3, 2007 The Changing Relationship Between the Price of Crude Oil and the Price At the Pump Prepared by: Tim Hamilton Petroleum Industry Consultant

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

PETROLEUM WATCH September 16, 2011 Fossil Fuels Office Fuels and Transportation Division California Energy Commission

PETROLEUM WATCH September 16, 2011 Fossil Fuels Office Fuels and Transportation Division California Energy Commission PETROLEUM WATCH September 16, 2011 Fossil Fuels Office Fuels and Transportation Division California Energy Commission Summary As of September 14, retail regular-grade gasoline prices in California increased

More information

Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8

Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138 Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 2 of 138 Domain Name: CELLULARVERISON.COM Updated Date: 12-dec-2007

More information

Crude Behavior: How Lifting the Export Ban Reduces Gasoline Prices in the United States

Crude Behavior: How Lifting the Export Ban Reduces Gasoline Prices in the United States Date Issue Brief # I S S U E B R I E F Crude Behavior: How Lifting the Export Ban Reduces Gasoline Prices in the United States Stephen P.A. Brown, Charles Mason, Alan Krupnick, and Jan Mares February 2014;

More information

Oil and Natural Gas Outlook: Implications for Alaska The Alliance Meet Alaska. Remarks by Marianne Kah Chief Economist

Oil and Natural Gas Outlook: Implications for Alaska The Alliance Meet Alaska. Remarks by Marianne Kah Chief Economist Oil and Natural Gas Outlook: Implications for Alaska The Alliance Meet Alaska Remarks by Marianne Kah Chief Economist Cautionary Statement The following presentation includes forward-looking statements.

More information

The Fuel and Vehicle Trends Report January 31, 2014

The Fuel and Vehicle Trends Report January 31, 2014 ISSN 1948-2388 The Fuel and Vehicle Trends Report This report is a summary of the latest fuel prices and other oil industry key statistics. In addition, this report provides the latest trends in vehicle

More information

Natural Gas: Winter 2012-13 Abundance! and Some Confusion

Natural Gas: Winter 2012-13 Abundance! and Some Confusion Natural Gas: Winter 2012-13 Abundance! and Some Confusion NASEO Winter Fuels Outlook Washington, D.C. October 10, 2012 Bruce B. Henning Vice President, Energy Regulatory and Market Analysis BHenning@icfi.com

More information

Box 6 International Oil Prices: 2002-03

Box 6 International Oil Prices: 2002-03 Annual Report 2002-03 International Oil Prices: 2002-03 Box 6 International Oil Prices: 2002-03 Notwithstanding the state of the world economy, characterised by sluggish growth in 2002, the world crude

More information

The U.S. Crude Oil Export Ban: An Update. The Center for Strategic and International Studies Theodore W. Kassinger April 2, 2015

The U.S. Crude Oil Export Ban: An Update. The Center for Strategic and International Studies Theodore W. Kassinger April 2, 2015 The U.S. Crude Oil Export Ban: An Update The Center for Strategic and International Studies Theodore W. Kassinger April 2, 2015 The Export Ban Stems from Several Statutes Energy Policy and Conservation

More information

Room XXVI Palais des Nations Geneva, Switzerland. Oil Market Outlook. Eissa B. Alzerma Oil Price Analyst Petroleum Studies Department, OPEC

Room XXVI Palais des Nations Geneva, Switzerland. Oil Market Outlook. Eissa B. Alzerma Oil Price Analyst Petroleum Studies Department, OPEC UNCTAD Multi-Year Expert Meeting on Commodities and Development 2013 Recent developments and new challenges in commodity markets, and policy options for commodity-based inclusive growth and sustainable

More information

Volume 35, Issue 1. Testing the International Crude Oil Market Integration with Structural Breaks. Kentaka Aruga Ishikawa Prefectural University

Volume 35, Issue 1. Testing the International Crude Oil Market Integration with Structural Breaks. Kentaka Aruga Ishikawa Prefectural University Volume 35, Issue 1 Testing the International Crude Oil Market Integration with Structural Breaks Kentaka Aruga Ishikawa Prefectural University Abstract As spread between the WTI and Brent crude oil price

More information

Main Street. Economic information. By Chad Wilkerson, Vice President and Oklahoma City Branch Executive, and Nida Cakir Melek, Economist

Main Street. Economic information. By Chad Wilkerson, Vice President and Oklahoma City Branch Executive, and Nida Cakir Melek, Economist THE Main Street ECONOMIST: ECONOMIST Economic information Agricultural for the and Cornhusker Rural Analysis State S e Issue p t e m b1, e r 2014 2 0 1 0 Feed de er ra al l RR e es se er rv ve e BBa an

More information

Producer Hedging the Production of Heavy Crude Oil

Producer Hedging the Production of Heavy Crude Oil Producer Hedging the Production of Heavy Crude Oil An oil producer sells its future production of heavy crude oil to a customer at an agreed-upon price today. The producer seeks to lock-in this price to

More information

Crude Oil and LNG Exports

Crude Oil and LNG Exports Crude Oil and LNG Exports Yale Alumni in Energy Conference April 2015 Claudia Duncan Crude Oil Export Policy - History 1920: Mineral Leasing Act Endows federal government with authority to manage exploration

More information

February 29, 2016 Price Forecast Commentary

February 29, 2016 Price Forecast Commentary February 29, 2016 Price Forecast Commentary Sproule s short-term outlook for oil and gas prices is based on information obtained from various sources, including government agencies, industry publications,

More information

April 14, 2015 OVERVIEW

April 14, 2015 OVERVIEW April 14, 2015 Congressional Testimony of Jason E. Bordoff Founding Director, Center on Global Energy Policy, and Professor of Professional Practice in International and Public Affairs, Columbia University

More information

What drives crude oil prices?

What drives crude oil prices? What drives crude oil prices? An analysis of 7 factors that influence oil markets, with chart data updated monthly and quarterly Washington, DC U.S. Energy Information Administration Independent Statistics

More information

World Oil Markets: Implications for Consumers, Producers, and the World Economy. James D. Hamilton Dept. of Economics, UCSD

World Oil Markets: Implications for Consumers, Producers, and the World Economy. James D. Hamilton Dept. of Economics, UCSD World Oil Markets: Implications for Consumers, Producers, and the World Economy James D. Hamilton Dept. of Economics, UCSD 1 Inflation-adjusted price of crude oil (West Texas Intermediate, 2008 dollars)

More information

HOUSTON-THE WOODLANDS-SUGAR LAND METROPOLITAN STATISTICAL AREA (H-W-S MSA) Visit our website at www.wrksolutions.com

HOUSTON-THE WOODLANDS-SUGAR LAND METROPOLITAN STATISTICAL AREA (H-W-S MSA) Visit our website at www.wrksolutions.com Labor Market Information SEPTEMBER 2015 Employment Data HOUSTON-THE WOODLANDS-SUGAR LAND METROPOLITAN STATISTICAL AREA () Visit our website at www.wrksolutions.com THE RATE OF UNEMPLOYMENT IN THE WAS UNCHANGED

More information

Analysis One Code Desc. Transaction Amount. Fiscal Period

Analysis One Code Desc. Transaction Amount. Fiscal Period Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00

More information

ANNEXURE 1 STATUS OF 518 DEMAT REQUESTS PENDING WITH NSDL

ANNEXURE 1 STATUS OF 518 DEMAT REQUESTS PENDING WITH NSDL ANNEXURE 1 STATUS OF 518 DEMAT REQUESTS PENDING WITH NSDL Sr. No. Demat Request No.(DRN) DP ID Client ID Date of Demat Request Received Quantity Requested Date of Demat Request Processed No. of days of

More information

Enhanced Vessel Traffic Management System Booking Slots Available and Vessels Booked per Day From 12-JAN-2016 To 30-JUN-2017

Enhanced Vessel Traffic Management System Booking Slots Available and Vessels Booked per Day From 12-JAN-2016 To 30-JUN-2017 From -JAN- To -JUN- -JAN- VIRP Page Period Period Period -JAN- 8 -JAN- 8 9 -JAN- 8 8 -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -FEB- : days

More information

CONNECTICUT ENERGY PRICE REPORT

CONNECTICUT ENERGY PRICE REPORT CONNECTICUT ENERGY PRICE REPORT 1/15/2015 DENOTES FALLING PRICES COMPARED TO YEAR EARLIER DENOTES FLAT PRICES COMPARED TO YEAR EARLIER DENOTES RISING PRICES COMPARED TO YEAR EARLIER CONNECTICUT RETAIL

More information

2014 EXPIRATION CALENDAR PRODUCTS

2014 EXPIRATION CALENDAR PRODUCTS 204 EXPIRATION CALENDAR PRODUCTS As the world s largest and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. In 2008, NYMEX became part of CME Group. Together, we

More information

Free Energy Trade: Time to Lift the Oil Export Ban

Free Energy Trade: Time to Lift the Oil Export Ban POLICY BRIEF Free Energy Trade: Time to Lift the Oil Export Ban BY DERRICK FREEMAN DECEMBER 2014 Introduction In July 2014, the United States passed Saudi Arabia and Russia to become the world s biggest

More information

Azeri Light Valuation Study

Azeri Light Valuation Study Azeri Light Valuation Study Report for SOCAR Trading 7 April 2014 www.woodmac.com Executive summary SOCAR Trading started marketing Azeri Light crude volumes in 2008, reducing reliance on the major trading

More information

H.R. 702 A bill to adapt to changing crude oil market conditions

H.R. 702 A bill to adapt to changing crude oil market conditions CONGRESSIONAL BUDGET OFFICE COST ESTIMATE September 29, 2015 H.R. 702 A bill to adapt to changing crude oil market conditions As reported by the House Committee on Energy and Commerce on September 25,

More information

U.S. Energy Outlook. Oil and Gas Strategies Summit May 21, 2014 New York, NY. By Adam Sieminski, EIA Administrator

U.S. Energy Outlook. Oil and Gas Strategies Summit May 21, 2014 New York, NY. By Adam Sieminski, EIA Administrator U.S. Energy Outlook May 21, 214 New York, NY By Adam Sieminski, EIA Administrator U.S. Energy Information Administration Independent Statistics & Analysis www.eia.gov The U.S. has experienced a rapid increase

More information

Analysis of Whether the Prices of Renewable Fuel Standard RINs Have Affected Retail Gasoline Prices

Analysis of Whether the Prices of Renewable Fuel Standard RINs Have Affected Retail Gasoline Prices Analysis of Whether the Prices of Renewable Fuel Standard RINs Have Affected Retail Gasoline Prices A Whitepaper Prepared for the Renewable Fuels Association Key Findings Changes in prices of renewable

More information

U.S. House of Representatives Subcommittee on Energy and Power: Quadrennial Energy Review and Related Discussion Drafts, including Title III

U.S. House of Representatives Subcommittee on Energy and Power: Quadrennial Energy Review and Related Discussion Drafts, including Title III U.S. House of Representatives Subcommittee on Energy and Power: Quadrennial Energy Review and Related Discussion Drafts, including Title III Energy Diplomacy Testimony by: Gerald Kepes Vice President,

More information

Evaluating Emerging Crude for West Coast Refiners

Evaluating Emerging Crude for West Coast Refiners Evaluating Emerging Crude for West Coast Refiners Hege Dammen Spiral Software Crude Oil Quality Association Meeting Seattle June 6, 2013 Outline Spiral Software Introduction Changes in Crude Flow to the

More information

COE BIDDING RESULTS 2009 Category B Cars >1600 cc

COE BIDDING RESULTS 2009 Category B Cars >1600 cc Quota System A COE BIDDING RESULTS 2009 B Jan-2009 Quota 1,839 1,839 1,100 1,099 274 268 409 411 767 758 Successful bids 1,784 1,832 1,100 1,097 274 260 401 386 763 748 Bids received 2,541 2,109 1,332

More information

Commodity market regulation: Changing the way commodities are traded. Hosted by:

Commodity market regulation: Changing the way commodities are traded. Hosted by: Commodity market regulation: Changing the way commodities are traded Hosted by: Bringing together commodity experts along the value chain on an interdisciplinary basis Commodity Club Commodity Producers

More information

CONNECTICUT ENERGY PRICE REPORT

CONNECTICUT ENERGY PRICE REPORT CONNECTICUT ENERGY PRICE REPORT 5/26/ DENOTES FALLING PRICES COMPARED TO YEAR EARLIER DENOTES FLAT PRICES COMPARED TO YEAR EARLIER DENOTES RISING PRICES COMPARED TO YEAR EARLIER CONNECTICUT RETAIL CRUDE

More information

many in the producing and investment community off guard and caused dramatic changes in producer behavior and balance sheets.

many in the producing and investment community off guard and caused dramatic changes in producer behavior and balance sheets. Testimony of Suzanne Minter Manager, Oil and Gas Consulting Platts Analytics before the U.S. Senate Energy and Natural Resources Committee Hearing to examine challenges and opportunities for oil and gas

More information

Oil Markets Update- October 2015

Oil Markets Update- October 2015 SICO Research November 23, - October Crude prices remain low in October led by oversupply and weak economic indicators October has been a volatile month for crude prices; Brent reached USD 53.05/bbl in

More information

S&P Year Rolling Period Total Returns

S&P Year Rolling Period Total Returns S&P 500 10 Year Rolling Period Total Returns Summary: 1926 June 2013 700% 600% 500% 400% 300% 200% 100% 0% 100% Scatter chart of all 931 ten year periods. There were 931 ten year rolling periods from January

More information

UNDERSTANDING CRUDE OIL and PRODUCT MARKETS

UNDERSTANDING CRUDE OIL and PRODUCT MARKETS UNDERSTANDING CRUDE OIL and PRODUCT MARKETS Table of Contents PREVIEW Overview...4 Crude Oil Supply...10 Crude Oil Demand...17 International Crude Oil Markets...26 Financial Markets and Crude Oil Prices...31

More information

Short-Term Energy Outlook Market Prices and Uncertainty Report

Short-Term Energy Outlook Market Prices and Uncertainty Report July 2014 Short-Term Energy Outlook Market Prices and Uncertainty Report Crude Oil Prices: After an upward move in mid-june, crude oil prices retreated close to previous levels. The North Sea Brent front

More information

Falling Oil Prices and US Economic Activity: Implications for the Future

Falling Oil Prices and US Economic Activity: Implications for the Future Date Issue Brief # I S S U E B R I E F Falling Oil Prices and US Economic Activity: Implications for the Future Stephen P.A. Brown December 2014 Issue Brief 14-06 Resources for the Future Resources for

More information

INTRODUCTION. Production / Extraction of Oil. Distribution & Sale to refined products to end users

INTRODUCTION. Production / Extraction of Oil. Distribution & Sale to refined products to end users CRUDE OIL INTRODUCTION Crude oil holds prominence as input to the global growth engine since it is the most important source of energy accounting for more than two fifth of the global energy consumption.

More information

CBRE CLARION SECURITIES MASTER LIMITED PARTNERSHIPS: GLOBALIZATION OF ENERGY MARKETS LEADING TO SECULAR GROWTH

CBRE CLARION SECURITIES MASTER LIMITED PARTNERSHIPS: GLOBALIZATION OF ENERGY MARKETS LEADING TO SECULAR GROWTH CBRE CLARION SECURITIES MASTER LIMITED PARTNERSHIPS: GLOBALIZATION OF ENERGY MARKETS LEADING TO SECULAR GROWTH MAY 2014 201 King of Prussia Road, Suite 600 Radnor, PA 19087 USA T. 610.995.2500 www.cbreclarion.com

More information

An Invaluable Tool in Election Administration

An Invaluable Tool in Election Administration Election Day Command Centers: An Invaluable Tool in Election Administration Excessive wait times are avoidable if the jurisdiction has undergone proper planning and develops systems to inform the responsible

More information

Adjusted Estimates of Texas Natural Gas Production

Adjusted Estimates of Texas Natural Gas Production Adjusted Estimates of Texas Natural Gas Production Background The Energy Information Administration (EIA) is adjusting its estimates of natural gas production in Texas for 2004 and 2005 to correctly account

More information

Integrated Oil Companies

Integrated Oil Companies Integrated Oil Companies Loretta Bu Zhou Fang Suvayan Roy Patrick He Artur Shikhaleev Yang Zeng 1 Key Questions 2 Upstream, Midstream, Downstream, Equipment and Services Companies THE OIL SUPPLY CHAIN

More information

Oil Price Volatility and the Continuing Case for Natural Gas as a Transportation Fuel

Oil Price Volatility and the Continuing Case for Natural Gas as a Transportation Fuel Oil Price Volatility and the Continuing Case for Natural Gas as a Transportation Fuel The recent decline in world crude oil prices is bringing new attention to the factors that drive the price and stability

More information

Natural Gas Year-In-Review 2006

Natural Gas Year-In-Review 2006 Natural Gas Year-In-Review 2 This report provides an overview of the natural gas industry and markets in 2 with special focus on the first complete set of supply and disposition data for 2 from the Energy

More information

IAMU Natural Gas Pricing Impact to the Iowa Electric Power Generator 10/2/13 Jim Borowicz Key Energy Services, LLC

IAMU Natural Gas Pricing Impact to the Iowa Electric Power Generator 10/2/13 Jim Borowicz Key Energy Services, LLC IAMU Natural Gas Pricing Impact to the Iowa Electric Power Generator 10/2/13 Jim Borowicz Key Energy Services, LLC Natural Gas Pricing Supply Transportation Capacity How Natural Gas is Priced Futures Contract

More information

2015 MAPA Asphalt Conference Asphalt/Binder Update. Randy Canfield Ergon Asphalt & Emulsions Kansas City, KS

2015 MAPA Asphalt Conference Asphalt/Binder Update. Randy Canfield Ergon Asphalt & Emulsions Kansas City, KS 2015 MAPA Asphalt Conference Asphalt/Binder Update Randy Canfield Ergon Asphalt & Emulsions Kansas City, KS Welcome to MO Asphalt Conference Next Stop Types of Asphalt Trinidad Lake Pen Graded 60/70, 120/150,

More information

Cost Management Solutions LLC Your Market Informant! The Propane Price Insider Reports 2016 M-PACT. Mark Rachal Director of Research/Publications

Cost Management Solutions LLC Your Market Informant! The Propane Price Insider Reports 2016 M-PACT. Mark Rachal Director of Research/Publications Cost Management Solutions LLC Your Market Informant! The Propane Price Insider Reports 2016 M-PACT Mark Rachal Director of Research/Publications Disclaimer The quotes and information contained herein are

More information

Trading WTI and Brent 101

Trading WTI and Brent 101 Trading WTI and Brent 101 CME Group as the exchange of choice MARCH 19, 2014 Asia Research Team Research & Product Development Introducing the Formula Pricing of Crude Oil Crude oil is not a homogenous

More information

Whither Oil Prices and Volatility?

Whither Oil Prices and Volatility? OIL PRICE VOLATILITY What Do We Know? Robert J. Weiner Professor of International Business, Public Policy & Public Administration, and International Affairs, George Washington University Membre Associé,,

More information

ENERGY REFORM. Strengthen the stewardship of the State as the owner of the oil and gas, and as regulator of the oil industry.

ENERGY REFORM. Strengthen the stewardship of the State as the owner of the oil and gas, and as regulator of the oil industry. I. The Objectives of the Reform. The bill being submitted by the Federal Executive for the consideration of the Congress of the Union, proposes that Constitutional Article 27 return to state what President

More information

An Update on Gasoline Prices and Oil Supply & Demand Trends

An Update on Gasoline Prices and Oil Supply & Demand Trends An Update on Gasoline Prices and Oil Supply & Demand Trends April 4, 2012 Howard Gruenspecht - Acting Administrator U.S. Energy Information Administration Independent Statistics & Analysis www.eia.gov

More information

Moving Crude Oil by Rail

Moving Crude Oil by Rail Moving Crude Oil by Rail Association of American Railroads December 2013 Summary Technological advances, along with relatively high crude oil prices, have led to sharply higher U.S. crude oil production.

More information

Workforce Demands In the Mining Industry Workforce Solutions

Workforce Demands In the Mining Industry Workforce Solutions Workforce Demands In the Mining Industry Workforce Solutions *Workforce Solutions is an affiliate of the Gulf Coast Workforce Board, which manages a regional workforce system that helps employers solve

More information

14 th U.S. China Oil & Gas Industry Forum

14 th U.S. China Oil & Gas Industry Forum 14 th U.S. China Oil & Gas Industry Forum Shaolin Li PetroChina International (America) Inc. 1 Outline U.S. Energy Industry Changes and Trends U.S. LNG Export Outlook and Policy Issues China Natural Gas

More information

REFINING U.S. PETROLEUM

REFINING U.S. PETROLEUM REFINING U.S. PETROLEUM A SURVEY OF U.S. REFINERY USE OF GROWING U.S. CRUDE OIL PRODUCTION March 2015 A Report by American Fuel & Petrochemical Manufacturers Survey Conducted by Veris Consulting Charles

More information

The Impacts of U.S. Crude Oil Exports on Domestic Crude Production, GDP, Employment, Trade, and Consumer Costs

The Impacts of U.S. Crude Oil Exports on Domestic Crude Production, GDP, Employment, Trade, and Consumer Costs The Impacts of U.S. Crude Oil Exports on Domestic Crude Production, GDP, Employment, Trade, and Consumer Costs March 31, 2014 Submitted to: American Petroleum Institute 1220 L Street NW Washington, D.C.

More information

US Ethane and Ethylene Exports & Markets Report

US Ethane and Ethylene Exports & Markets Report US Ethane and Ethylene Exports & Markets Report Introduction With the development of shale gas and oil the U.S. production landscape has experienced a dramatic shift over the last 5 years. There has been

More information

April Gross Receipts Show Impact of Low Oil and Gas Prices

April Gross Receipts Show Impact of Low Oil and Gas Prices OKLAHOMA STATE TREASURER KEN MILLER For Immediate Release: May 5, 2015 April Gross Receipts Show Impact of Low Oil and Gas Prices OKLAHOMA CITY Oklahoma s April Gross Receipts to the Treasury report shows

More information

STEO Supplement: Why are oil prices so high?

STEO Supplement: Why are oil prices so high? STEO Supplement: Why are oil prices so high? During most of the 1990s, the West Texas Intermediate (WTI) crude oil price averaged close to $20 per barrel, before plunging to almost $10 per barrel in late

More information

CBRE CLARION SECURITIES MLPs OIL & GAS DRILLING TECHNOLOGY LEADS TO EFFICIENCY GAINS

CBRE CLARION SECURITIES MLPs OIL & GAS DRILLING TECHNOLOGY LEADS TO EFFICIENCY GAINS CBRE CLARION SECURITIES MLPs OIL & GAS DRILLING TECHNOLOGY LEADS TO EFFICIENCY GAINS MARCH 2015 Jeremy Anagnos, CFA Senior Global Portfolio Manager Hinds Howard Associate Portfolio Manager EXECUTIVE SUMMARY

More information

Example of a diesel fuel hedge using recent historical prices

Example of a diesel fuel hedge using recent historical prices Example of a diesel fuel hedge using recent historical prices Firm A expects to consume 5,, litres of diesel fuel over the next 12 months. Fuel represents a large expense for the firm, and volatile prices

More information

Strawberry Industry Overview and Outlook. Feng Wu Research Associate Gulf Coast Research and Education Center University of Florida fengwu@ufl.

Strawberry Industry Overview and Outlook. Feng Wu Research Associate Gulf Coast Research and Education Center University of Florida fengwu@ufl. Strawberry Industry Overview and Outlook Feng Wu Research Associate Gulf Coast Research and Education Center University of Florida fengwu@ufl.edu Zhengfei Guan Assistant Professor Gulf Coast Research and

More information

Causes and Consequences of the Decline in the Price of Oil since June 2014

Causes and Consequences of the Decline in the Price of Oil since June 2014 Causes and Consequences of the Decline in the Price of Oil since June 2014 Christiane Baumeister Lutz Kilian University of Notre Dame University of Michigan CEPR Brent Price of Crude Oil in 2013 and 2014

More information

U.S.-Mexico Oil Swaps Unlock Avenue For U.S. Light Crude

U.S.-Mexico Oil Swaps Unlock Avenue For U.S. Light Crude RESEARCH North America Fossil Fuels Oil U.S.-Mexico Oil Swaps Unlock Avenue For U.S. Light Crude Department Of Commerce Rule Will Bolster Refinery Efficiency And Fuel Debate Over Lifting Oil Export Ban

More information

Ashley Institute of Training Schedule of VET Tuition Fees 2015

Ashley Institute of Training Schedule of VET Tuition Fees 2015 Ashley Institute of Training Schedule of VET Fees Year of Study Group ID:DECE15G1 Total Course Fees $ 12,000 29-Aug- 17-Oct- 50 14-Sep- 0.167 blended various $2,000 CHC02 Best practice 24-Oct- 12-Dec-

More information

THE OIL MARKET, OPEC AND THE MIDDLE EAST: ECONOMICS AND POLITICS Manouchehr Takin*

THE OIL MARKET, OPEC AND THE MIDDLE EAST: ECONOMICS AND POLITICS Manouchehr Takin* Oil, Middle East, and the Global Economy USC April 2016 THE OIL MARKET, OPEC AND THE MIDDLE EAST: ECONOMICS AND POLITICS Manouchehr Takin* * International Oil & Energy Consultant E-mail: manouchehr.takin@gmail.com.

More information

Tight oil, sometimes referred to as light tight oil, is

Tight oil, sometimes referred to as light tight oil, is Reprinted with permission from Chemical Engineering Progress (CEP), April 215.. Back to Basics Working with Tight Oil Tim Olsen Emerson Process Management Crude oil derived from shale plays is less expensive

More information

MLP Investing: Source: U.S. Energy Information Administration, Monthly Energy Review, March 2016

MLP Investing: Source: U.S. Energy Information Administration, Monthly Energy Review, March 2016 August 2016 MLP Investing: The Impact of the Natural Gas Megatrend on Energy Infrastructure Curt Pabst, Managing Director, Eagle Global Advisors U.S. Shale Revolution Much has been made of the impact of

More information

Monthly July2016 July2016

Monthly July2016 July2016 With data up to: July 2016 Monthly July2016 July2016 Oil Price Statistics Next release: 13 September Date of publication: 11 August 2016 Monthly Oil Price Statistics TABLE OF CONTENTS Page Charts 1 IEA

More information

GLOBAL DYNAMICS OF OIL PRICE RUCHAN KAYA SENIOR RESARCH FELLOW, ENERGY AND INTERNATIONAL RELATIONS EXPERT, HASEN

GLOBAL DYNAMICS OF OIL PRICE RUCHAN KAYA SENIOR RESARCH FELLOW, ENERGY AND INTERNATIONAL RELATIONS EXPERT, HASEN MESUT RUCHAN HAKKI KAYA CASIN 146 GLOBAL DYNAMICS OF OIL PRICE FLUCTUATIONS RUCHAN KAYA SENIOR RESARCH FELLOW, ENERGY AND INTERNATIONAL RELATIONS EXPERT, HASEN The crude oil saw the lowest price levels

More information

Increasing Product Exports: It s a New Ball Game for the U.S. Platts North American Refining and Trading Conference Houston, Texas May 22, 2012

Increasing Product Exports: It s a New Ball Game for the U.S. Platts North American Refining and Trading Conference Houston, Texas May 22, 2012 Increasing Product Exports: It s a New Ball Game for the U.S. Platts North American Refining and Trading Conference Houston, Texas May 22, 2012 Baker & O Brien, Inc. All rights reserved. Overview Recent

More information

Monetary Policy and Mortgage Interest rates

Monetary Policy and Mortgage Interest rates Monetary Policy and Mortgage Interest rates July 2014 Key Points: Monetary policy, which operates through changes in the official cash rate (OCR), is the main lever of macroeconomic management in Australia

More information

December Public-Private Partnership (P3) Model State Legislation

December Public-Private Partnership (P3) Model State Legislation December 2015 Public-Private Partnership (P3) Model State Legislation Summary The U.S. faces a growing need to build and maintain critical infrastructure everything from airports to wastewater treatment

More information

What drives crude oil prices?

What drives crude oil prices? What drives crude oil prices? An analysis of 7 factors that influence oil markets, with chart data updated monthly and quarterly January 8, 214 Washington, DC U.S. Energy Information Administration Independent

More information

Concerned about Identity Theft? A Credit Freeze may help. Equity Overview. Domestic Stocks. This Issue: Contact us

Concerned about Identity Theft? A Credit Freeze may help. Equity Overview. Domestic Stocks. This Issue: Contact us January, 2016 Volume 7, Issue 1 Concerned about Identity Theft? A Credit Freeze may help Also known as a security freeze, a credit freeze blocks your credit report to stop new lenders from checking your

More information

Bunker price trends in Latin America

Bunker price trends in Latin America Bunker price trends in Latin America Lucretia Cardenas, Team Leader June 12, 2013 2013 Platts, McGraw Hill Financial. All rights reserved. Overview Introduction An overview of low-sulfur premiums and availability

More information

A Special Note Regarding the Recent Decline in the Price of Crude-Oil

A Special Note Regarding the Recent Decline in the Price of Crude-Oil December 09, 2014 Table of Contents BRENT AND WTI 1 OIL PRICES 3 VOLATILITY SMILES 4 IMPLIED VOLATILITIES 5 IMPLICATIONS FOR INFLATION 6 NATURAL GAS 8 CONCLUSION 9 Contacts A Special Note Regarding the

More information

Q ICAEW Business Confidence Monitor results

Q ICAEW Business Confidence Monitor results Q3 216 ICAEW Business Confidence Monitor results July 216 Outline 1. Confidence 2. GDP forecast 3. Trends in sales, domestic & export 4. Impact: skills, costs, capacity, profits & prices 5. Responses:

More information

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research Fixed Income 2015 Update Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research 1 Fed: Slow and Low 2015 Fixed Income Outlook 2 Yield Curve Flattening 3

More information

Commodity Price Outlook & Risks

Commodity Price Outlook & Risks Commodity Outlook & Risks Research Department, Commodities Team January, 2 www.imf.org/commodities commodities@imf.org This monthly report presents a price outlook and risk assessment for selected commodities

More information

Leading Economic Indicator Nebraska

Leading Economic Indicator Nebraska Nebraska Monthly Economic Indicators: September 16, 2016 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric Thompson, Dr. William Walstad Leading Economic

More information