The first freely-traded shipments of U.S. crude are symbolic of the
country's newfound role as a leading producer of oil. America's entry
into the world market can also be viewed with relief by those worried
about potential supply disruptions. After all, many big oil producers
are located in volatile parts of the world susceptible to geopolitical
shocks.
"The fact that producers have free access to the global market will make it easier for U.S. supply to respond to disruptions around the world," said Jason Borduff, a former energy adviser to President Obama who is currently a professor at Columbia University.
America officially banned exports in 1975. It came two years after an OPEC oil embargo that banned oil sales to the U.S. had sent gas prices skyrocketing. Newspaper photographs of long lines of cars outside of gas stations became a common and worrisome image.
Fast forward 40 years and the world has changed drastically, with booming U.S. oil production from the shale revolution creating an epic supply glut that recently sent oil prices below $30 a barrel.
http://money.cnn.com/2016/01/29/investing/us-oil-exports-begin/index.html
"The fact that producers have free access to the global market will make it easier for U.S. supply to respond to disruptions around the world," said Jason Borduff, a former energy adviser to President Obama who is currently a professor at Columbia University.
America officially banned exports in 1975. It came two years after an OPEC oil embargo that banned oil sales to the U.S. had sent gas prices skyrocketing. Newspaper photographs of long lines of cars outside of gas stations became a common and worrisome image.
Fast forward 40 years and the world has changed drastically, with booming U.S. oil production from the shale revolution creating an epic supply glut that recently sent oil prices below $30 a barrel.
http://money.cnn.com/2016/01/29/investing/us-oil-exports-begin/index.html
No comments:
Post a Comment