WASHINGTON (Reuters) – The U.S. Congress could lift the
40-year old ban on domestic crude oil exports within a year as a
drop in gasoline prices and the potential return of Iranian oil
to global markets makes it an easier measure for politicians to
support, Bank of America Merrill Lynch analysts said on
U.S. gasoline prices have dropped since last year along with
global crude prices, thanks to strong crude output from the
United States, Saudi Arabia and Iraq. On Thursday, the U.S.
average for regular gasoline at the pump was nearly $2.74 a
gallon, down from $3.65 a year ago, according to the AAA
WASHINGTON, May 12 (Reuters) – Lawmakers pushing to repeal
the 1970s-era ban on U.S. oil exports face a steep obstacle: The
Obama administration sees no need to fully remove the
restriction while the country is still importing part of its oil
And many politicians are wary of a voter backlash if
gasoline prices go up just as they open the door to exports.
WASHINGTON, April 1 (Reuters) – For a leader who has made
fighting climate change a priority, President Barack Obama’s
decision to approve Royal Dutch Shell’s return to oil
and gas exploration off Alaska was seen by many
environmentalists as a contradiction.
On Tuesday, his administration upheld a 2008 Arctic lease
sale, clearing an important hurdle for Shell.
The Interior Department will now consider the company’s drilling
plan, which could take 30 days. But Shell, which has already
spent about $6 billion exploring the Arctic, expects to return
to polar waters this summer and is already moving oil rigs to
WASHINGTON, May 11 (Reuters) – Royal Dutch Shell’s return to
oil drilling in the U.S. Arctic for the first time since 2012
took a big step forward on Monday when the Obama administration
approved the company’s exploration plan.
The Department of Interior conditionally approved Shell’s
plan to explore for oil in the Chukchi Sea off Alaska. Shell has
already spent about $6 billion on exploration in the Arctic.
WASHINGTON (Reuters) – U.S. Senator Lisa Murkowski said on Thursday she will unveil a bill next week to reverse the U.S. oil export ban in an effort to build support for killing the 1970s-era restriction that drillers say threatens to choke the domestic energy boom.
Murkowski, the Republican chairwoman of the Senate Energy and Natural Resources Committee, said she will unveil the bill on Tuesday, although it was uncertain when the measure would get a vote in her committee.
(Reuters) – Royal Dutch Shell’s quest to return to Arctic drilling for the first time in three years could face delays after Seattle ruled that the city’s port must apply for a permit for the company to use it as a hub for drilling rigs.
Seattle Mayor Ed Murray, a Democrat who has fought against new projects by coal and oil companies, applauded the requirement by the city’s planning department.
WASHINGTON (Reuters) – Lawmakers in the House of Representatives who are trying to end the decades-old ban on U.S. crude oil exports said on Thursday they were gaining support after a Democrat joined the Republican-led effort. Representative Henry Cuellar became the first Democrat to sign on to a bill launched in February by Representative Joe Barton, a Republican and fellow Texan.
“If we are able to lift the crude oil ban this is going to open up new markets where Texas businesses can create more jobs at home,” said Cuellar, whose district includes the oilfields of Eagle Ford, where much of the U.S. boom in light sweet crude has been taking place over the last half decade.
WASHINGTON, April 29 (Reuters) – The U.S. Senate majority
leader on Wednesday urged countries to go slowly on committing
to cut carbon emissions in any global agreement later this year,
in his latest effort to cripple President Barack Obama’s clean
Majority Leader, Mitch McConnell, a Republican from
coal-producing Kentucky, told a congressional panel that as long
he is in charge of the Senate, “this body is not going to be
signing off on any back door energy tax.”
(Reuters) – An environmental group and a law clinic
petitioned the U.S. Securities and Exchange Commission to
investigate whether Royal Dutch Shell has adequately
disclosed to investors the risks of oil exploration in the harsh
Arctic waters, the groups said on Tuesday.
The U.S. Interior Department is mulling whether Shell can
drill test wells for crude and gas off Alaska this summer. The
company abandoned exploratory drilling efforts in 2012, an
accident-plagued season in a region with little infrastructure
for emergency response.
WASHINGTON, April 23 (Reuters) – The United States and five
other world powers would be able to detect any military
capabilities of Iran’s nuclear program for at least 10 years
under a framework deal agreed upon earlier this month, the U.S.
energy secretary said on Thursday.
For 10 years at minimum, “we will have a very comfortable
ability to detect any military activity related to the nuclear
program and we would have adequate time to respond,” Secretary
Ernest Moniz, a nuclear physicist who participated in the Iran
talks, said on CNBC about the plan.