I recently participated at the Energy Information Administration’s 2014 Energy Conference, and during a panel discussion on world product trade, took the opportunity to address issues not raised in recent ICF and IHS studies that supported crude exports. Contrary to those reports, U.S. refiners are using the increasing light crude production and have the ability to handle even more light crude oil. In short, refining capacity today is not saturated. A rush to export crude oil raises a number of issues that include exposing North East refiners to increased foreign competition due to the Jones Act. While AFPM isn’t against crude oil exports, we believe that the nation has some time to better understand and discuss these issues to determine how best to proceed.
Here is my presentation: