In June 2012, when Lance spoke at the last biennial seminar held by the Organization of Petroleum Exporting Countries, the U.S. was pumping 6.2 million barrels a day. Now, it produces 9.5 million barrels at day, the highest since 1972.
Fourteen of the nation’s largest independent oil companies are banding together to lobby for the right to export crude around the world. It’s a sign the industry is revving up for a big, coordinated push to dismantle those trade restrictions next year.
A tanker full of Alaskan crude is now heading to South Korea, courtesy of an exception in the 39-year-old law that blocks most U.S oil from being sold overseas. The shipment is the first of its kind in a decade.
Oil companies hoping to find crude under Arctic waters north of Alaska are imploring the Obama administration to ensure new rules governing drilling in the region don’t force them to stash emergency equipment nearby nor block them from using chemical dispersants to clean up any spills.
Oil companies that had locked up more than 1.3 million acres of the Beaufort Sea for drilling in 2007 have since relinquished nearly half that territory, signaling the industry’s appetite for tapping those Arctic waters may be waning even as the Obama administration makes plans to auction off more of the area.
Commentary: As political shenanigans continue to delay approval of the Keystone XL pipeline, Alaskan voters hold the key to avoiding a similar fate for what could be North America’s largest pipeline project.
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