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Permalink Reply by Francis Mayo on December 12, 2013 at 8:52

          U.S. should lift domestic oil export restrictions, Exxon says        

       

                     

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• Exxon's (XOM) annual energy outlook this year has a stark message: We are entering an era of abundance, and it’s time the U.S. started exporting oil.
• "We are not dealing with an era of scarcity" as was the case during the 1973 Arab oil embargo when the U.S. imposed restrictions on exporting domestic oil; "we need to rethink the regulatory scheme and the statutory scheme on the books."
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• XOM is increasingly optimistic about how much oil can be recovered with today’s technology, predicting 65% of the world’s crude will be untapped by 2040.
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• XOM forecasts global demand for gas will rise by 65% by 2040, with natural gas on track to supply 25% of global energy requirements; demand for coal will rise until 2025, but coal’s share of the global energy mix will fall from 25% today to below 20%.

   I sure hope they are correct and they have their way. It is not like rooting for the underdog, they tend to "see" the future.                              
           

     

   
             

       

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                jmjjmj1             Comments (123)        

       

         
     

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Permalink Reply by Hopeful About Natural Gas on December 12, 2013 at 12:37

Great news! now, if we can just EXPORT it! out here on the west coast there is a lot of advocacy against exporting O&G from fracking.

The mid term problem is that we have already SOLD a lot of O&G to Asia and they want the real stuff, not shares of stock or futures paper. I cannot see how states and cities can stop international agreements for export.

China is closing hundreds of coal plants based on getting natural gas from us (and their own) They are going to be very upset if they cannot replace that power with the natgas they have already paid for. THis sort of thing starts wars, or am I looking at this all wrong???

HANG

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