After 40-year ban, U.S. starts exporting crude oil

[jpak]

Source: CNN

Just weeks after Congress lifted a 40-year ban on exporting oil, the first shipments of the black stuff left U.S. ports for Europe.

The first freely-traded shipments of U.S. crude are symbolic of the country's newfound role as a leading producer of oil. America's entry into the world market can also be viewed with relief by those worried about potential supply disruptions. After all, many big oil producers are located in volatile parts of the world susceptible to geopolitical shocks.

"The fact that producers have free access to the global market will make it easier for U.S. supply to respond to disruptions around the world," said Jason Borduff, a former energy adviser to President Obama who is currently a professor at Columbia University.

America officially banned exports in 1975. It came two years after an OPEC oil embargo that banned oil sales to the U.S. had sent gas prices skyrocketing. Newspaper photographs of long lines of cars outside of gas stations became a common and worrisome image.

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Read more: http://money.cnn.com/2016/01/29/investing/us-oil-exports-begin/index.html

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Enjoy yer cheap gas while you can.

Thanks GOP

not

[elias49]

1. I suppose it's 'complicated', but why would we export our oil?

Can anyone give me the rationale for that?
Can we buy it cheaper than we can pump and ship it overseas?

[BadgerKid]

2. It's said US refineries are geared toward "heavy crude"

such as that which comes from the Middle East. The U.S. produces "light crude."

example: http://canaryusa.com/crude-oil-refinery-primer/

[elias49]

4. Thanks

[brett_jv]

9. Don't believe there's any legitimate 'refinery-based' rationale, that's a lie.

That's friggin' horse-pucky.

They just want to reduce the glut of oil present in the tanks around the Nation ATM (while continuing to pump more as fast as possible), as mentioned below, so as to get US gas prices raising back up.

[jpak]

5. The current glut of fracked oil has dramatically reduced the price of US crude

Which is bad for the Earl Bidness.

Export crude -> reduce glut > increase oil prices.

Fuck the GOP

yup

[elias49]

6. Oh, how (fucking) nice!

[GoneFishin]

3. Just swell. More natural resources shipped overseas to be processed so we can buy them back later.

[Bernin]

7. So we filled

the national reserves with the highest priced oil in history. And, now we are going to sell it off at 30 year low prices.

Genius I tell ya!

No wonder we have 19 trillion in debt.

[MillennialDem]

10. Buy high, sell low! Errrr

[brett_jv]

8. THANKS OBAMA!

This time I'm being serious.

This is terrible fucking news. I'm sure it's GOP/Big Oil driven but I'm nearly positive Obama could've stopped it.

Stupid, stupid policy. Leave it in the ground until WE need it, fools.

There WILL come a time when we'll seriously regret this decision.

We still import around 40% of the crude we refine into gasoline. This 'leading oil producer' shit CNN is spouting is CRAP. All we did was reverse a long trend of importing a higher and higher % (it had been around 45% dom. 55% imp.) and improve our domestic production to account for nearly 60% of the oil we use. A 15% turnaround, roughly.

How the F*** is a country still importing 40% of it's crude oil suddenly a 'leading oil producer'? What a load of ROT.

[TexasBushwhacker]

11. I think it's for the best

Oil is a global commodity. I would rather it be sold on the global market so that perhaps the cost will be more stable.