For more information please read Canary’s release Crude Oil Export Ban Lifted.
“Today is a great day for the American energy industry and for all American energy consumers. Both houses of the US Congress have voted to lift the antiquated 40-year-old ban on crude oil exports.
It’s a day we’ve long been waiting for, and we at Canary, LLC have worked hard to see this needed change in American energy policy come to fruition. Why is this such an important move for our energy industry and for our nation overall? Because our energy situation has completely changed in the last 40 years, and it’s critical that our energy policy reflect that shift.
We’ve gone from being an energy-dependent nation subject to the OPEC oil embargoes of the 1970s to our position today as one of the world’s top oil and gas producers. Thanks largely to the boom in places like the ND’s Bakken & TX’s Eagle Ford, American shale energy production, we have now pushed domestic petroleum stockpiles to near historic levels. In 2013, for the first time since 1996, we produced more oil than we imported. Today we are producing 9.5 million gallons per day, about 80% more than our output in 2007.
That’s an extraordinary change. By 2018, according to BP World Outlook, the US will become a net energy exporter.
What does this mean for us? It means we are no longer a nation struggling toward energy independence. Instead, we are an energy powerhouse with abundant alternatives – oil, natural gas, condensate, and renewable energy sources – all of which can be traded freely as commodities in global energy markets.
Now that the ban has been lifted, I expect many positive effects to follow. First, it will add to the world pool of available energy, resulting in lower fuel prices, more manufacturing and more jobs – representing a positive shift in world energy flows.
Next, our country now has a powerful new tool at its disposal to counter aggressive nations without firing a shot. While energy exports will certainly bootstrap our own economy, they will also help vulnerable nations everywhere – from Eastern Europe to Africa to parts of Asia and the Middle East– find alternate supply sources that are reliable, fairly priced, and secure.
Finally, exports will help rekindle the fire of innovation in our energy industry. With bipartisan support like we saw to lift the export ban, we can stimulate action to contain carbon emissions and address environmental concerns.
I can’t wait to see the possibilities for our nation now that the era of global energy trade is upon us. Now is our time to lead a new energy revolution and for us to assume a prominent role in peaceful energy production worldwide. Thank you.”