LOL swannie.As you know reading one chapter does not explain...

LOL swannie.

As you know reading one chapter does not explain what the book is about.

So here is another chapter for you.


http://blogs.marketwatch.com/thetell/2014/05/19/u-s-mulls-easing-oil-export-restrictions-as-shale-supplies-surge-platts/



U.S. mulls easing oil-export restrictions as shale supplies surge: Platts

May 19, 2014, 12:15 PM ET





The Obama Administration is considering lifting or easing restrictions on exporting U.S. crude that have been in place since 1975, a White House official on Sunday told Platts Energy Week, an all-energy news and talk show program.

“We’re seeing huge production increases in crude and so we’re thinking through the implications of that, in terms of economics, environmental … a whole bunch of dimensions,” Dan Utech, a special assistant to the president for energy and climate said on Platts Energy Week.

The comments offered a strong hint that the Obama Administration is interested in testing the validity of export restrictions Congress enacted in 1975 after the 1973 Arab oil embargo prompted worries that the U.S. may run out of oil, Platts said in a press release Monday.

Utech also suggested that the White House is satisfied with the pace of approvals by the Energy Department for applications to export liquefied natural gas, according to Platts.

In a research note Monday, Bank of America Merrill Lynch strategists said that supply growth in U.S. natural-gas liquids has been “staggering” on the back of shale production, with output jumping to 2.7 million barrels a day currently, from 1.8 million barrels a day in 2008.

The U.S. has surpassed natural-gas liquids supply growth in Saudi Arabia in recent years, cementing its “position as the largest producer of NGLs in the world,” the strategists said.

As the shale revolution has pushed supply higher, demand for NGLs in North America has also increased at an annualized rate of 4%, or 80,000 barrels a day during the last 5 years, they said. “Consumption has jumped across the petrochemical, refinery, and oil-producing sectors, and as a result the U.S. has held its position as the largest consumer on the planet too.”

–Myra Saefong