She said the environmental damage from exporting oil would be offset by 10 times because of measures in the bill such as the renewable power tax credits, funding of a parks conservation fund paid for with oil revenues and the elimination of measures that would have dismantled Obama’s clean power rules on power plants.
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Oil prices drop as Opec output rises, Brent below US
West Texas Intermediate (WTI) U.S. crude futures were at .41 per barrel, down 35 cents after touching .12, their lowest since February 2009.
Following weeks of intensive negotiations on Capitol Hill, Congressional leaders unveiled the long-term government spending and tax breaks package early on Wednesday with compromises from both parties. “Lifting the ban on domestic crude oil exports will result in a $30 billion windfall each year to oil producers, and put our domestic oil refiners at an economic disadvantage with their foreign competitors who enjoy lax environmental rules and regulations”, Carper said.
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Repeal of the crude-export restrictions reverses four decades of a policy that has defined the nation’s relations with the rest of the world.
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Lifting the export ban improves the future outlook for North Dakota, which produces light, sweet crude oil that most American refineries aren’t created to process, said Eugene Graner, president of Heartland Investor Services in Bismarck. Back then, the conventional wisdom was that there is a finite quantity of oil in the world, and we pretty much knew where it was. “We now look to the Senate to follow suit”. “When we are restricted from exporting (oil) in essence our competitors – like OPEC, Venezuela and Russian Federation – have an advantage on us”, Hoeven said.
The current prices made a vote to end the ban more likely, since there is less likely to be a sudden, noticeable effect on the USA market. House Democratic Leader Nancy Pelosi of California said that when Congress returns from its recess in January, she may seek to provide additional assistance to some mid-Atlantic refiners who could be excluded from the tax benefit.
“We are two votes and a signature away from getting this done”, Heitkamp said.
“If there’s not more help than now in the bill, I think you’ll lose one of the refiners”, he said.
Oil prices have been falling on worries over a supply glut, and USA crude futures settled down Friday. Without the trade limits, the USA would be immediately free to export its crude, as it already does with refined products including gasoline.
“Now that we have leveled the playing field, the United States finally has an opportunity to compete and realize our nation’s full potential as a global energy superpower”, said George Baker, head of Producers for American Crude Oil Exports, a group that formed previous year to press lawmakers to open the trade.
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-With assistance from Dan Murtaugh and Jennifer A. Dlouhy.
