Exports: A New Day For U.S. Energy

Posted on Jan 6, 2016 in News

Breaking Energy | 1/5/16 –

As we write, the United States is once again an exporter of crude oil. Sure, in the past the federal government has allowed limited crude exports. The oil tanker that left the Port of Corpus Christi, Texas, late last week is the bearer of the first freely traded U.S. crude in about four decades – made possible by congressional legislation that President Obama signed to end a 1970s-era ban on exports. It’s a new day indeed.

But wait, there’s more. Cheniere Energy  says it has begun liquefying natural gas at its new export terminal in Louisiana, setting the stage for its first LNG export cargo this month.

Both are big-time energy developments for the United States – opportunities created by a domestic energy revolution largely driven by safely harnessing vast shale reserves with advanced hydraulic fracturing and horizontal drilling. The United States, as the world’s leading producer of oil and natural gas, is supplying more of the energy Americans use here at home, lowering imports, and now is poised to become a major player in global energy markets. Phil Flynn, senior market analyst at Price Futures Group, to Bloomberg:

“Who would have thought we would be exporting both oil and LNG in the same month? Fracking has changed the world.”

 

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