ConocoPhillips CEO: Keep the Energy Renaissance Flowing

Aaron Flint posted on March 05, 2015 14:10 :: 873 Views

The Montana native who now serves as the CEO of Conoco Phillips says it is time to end the US’ oil export ban, and keep the American energy renaissance going. 

From Politico’s Morning Energy:

ConocoPhillips Chairman and CEO Ryan Lance told an audience at the U.S. Chamber of Commerce that the export ban was outdated and gave foreign companies an edge over U.S. oil producers. “We shouldn’t put U.S. producers at a competitive disadvantage by limiting access to global markets,” Lance said. Darren Goode has more:

Washington Times: Oil export bans creating market glut that could strangle U.S. boom, CEO warns

Ryan Lance, the chairman and CEO of ConocoPhillips, told a U.S. Chamber of Commerce luncheon on Tuesday that the U.S. is in the midst of an energy renaissance, but that to keep the oil boom hitting on all cylinders, the country will need to start exporting surplus barrels of crude.

Rising domestic production has already borne economic fruits for many Americans, he noted. The U.S. oil and natural gas industry now supports 9.8 million domestic jobs and has contributed more than 8 percent of the U.S. gross domestic product. In addition, those who work in the oil industry have a mean wage that is twice that of the private-sector average.

Business Wire press release: Chairman and CEO Ryan Lance Calls for U.S. Exports of Surplus Crude Oil

He pointed out that although a ready market exists for such exports, the federal government must first remove a ban written into the 1975 Energy Policy and Conservation Act, which was enacted during a time of energy shortages and gasoline lines. The act prohibited crude oil exports. Currently only a few exceptions are allowed, including small amounts of oil sent to Canada and oil exported from Alaska.

“The U.S. energy situation has improved significantly since the ban was put in place,” Lance said. “Government should recognize the new reality of the renaissance that has transformed North America from energy scarcity to abundance, and enable the industry to keep it going. We have just scratched the surface of its potential, and can help ensure that the renaissance continues as an engine of long-term economic growth by exporting our excess crude oil into the world market. Thanks to our new energy abundance, domestic refiners would still have all the oil they need, and would still enjoy a competitive advantage over foreign refiners.”

By the way, look what North Dakota is doing for infrastructure (when Gov. Steve Bullock couldn’t even give Eastern Montana $40 million): ND surge bill passed, oil patch receives $1.1 billion

When the 2015 North Dakota construction season starts, communities and counties in need of infrastructure additions to meet the demand created by oil and gas production will have early access to something the oil-impacted areas have never had before: $1.1 billion in state funding. Following the 46-0 in the state’s senate, and a 90-2 vote in the house, Senate Bill 2103—commonly referred to in the state as the surge bill—will now provide the funding to the state’s oil producing regions after North Dakota Governor Jack Dalrymple signed the bill today in an effort to fast track the funding. The current North Dakota legislative session is only halfway through completion.

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