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The Calgary-based company called for a delay while a Nebraska route review is underway, a process expected to take seven months to a year.
Forty years after the U.S. created an emergency crude stockpile, it needs modernization to swiftly respond to oil supply disruptions, Energy Secretary Ernest Moniz told senators.
So far, most of the congressional debate on crude exports has focused on the economics of the issue, but former Amb. Carlos Pascual’s comments amplify geopolitical concerns with the longstanding trade restrictions for oil.
Oil processed in distillation towers is broadly okay for export, according to the new guidance document from the Commerce Department. But oils that are simply run through heater treaters are still ensnared by the 39-year-old ban on crude exports.
Republicans now have the votes they need in the House and the Senate to force President Barack Obama’s hand on the Keystone XL pipeline.
It will take a “train wreck” of falling prices, declining oil production and idle drilling rigs before the United States lifts its longstanding ban on exporting crude, Rice University economist Kenneth Medlock predicted Wednesday.
Responding to criticism from energy companies and lawmakers on Capitol Hill, the Energy Department on Thursday proposed dramatically changing the way it is reviewing proposals to widely export natural gas. The plan would effectively move more commercially advanced projects to the front of the line.
The Energy Department on Monday authorized exports from a sixth LNG export project, as pressure builds on the Obama administration to speed up approvals of plans to sell U.S. natural gas overseas.
TransCanada Corp. officials said Thursday they are undaunted by a Nebraska court ruling that analysts widely believe will mean more delays for the Keystone XL pipeline.