Washington summit to focus on the US oil boom’s global implications

The United States’ advantage in unearthing oil and gas from dense rock formations — and the prospect for exporting some of that bounty — will be the focus of discussion during a summit Wednesday in the shadow of the Capitol building.

The forum, organized by the Bipartisan Policy Center, focuses on the geopolitical impacts of the U.S. tight oil boom. Sen. Lisa Murkowski, R-Alaska, is set to address how exploding oil development in the Bakken and Eagle Ford formations “are now the topics of conversation in the halls of Vienna” and around the world.

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The jump in domestic oil production has caused U.S. imports of crude from OPEC countries to drop 10 percent since 2009, Murkowski noted, at the start of the event.

Other speakers include analysts from Citibank, Deutsche Bank and CIBC World Markets, and energy experts Daniel Yergin, the vice chairman of IHS, and Luis Giusti, a senior adviser with the Center for Strategic and International Studies.

Energy Information Administration administrator Adam Sieminski and former Sen. Bennett Johnston are set to address the prospects of crude oil exports. A policy fight over exporting U.S. crude could be coming soon, driven by a domestic drilling boom that has caused oil production to spike, putting America on track to surpass Saudi Arabia in daily harvests by 2020 and prompting predictions the United States will become a net exporter of all energy by 2025.

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The Bipartisan Policy Center is a six-year-old think tank founded by such former Capitol Hill heavyweights as Howard Baker, Tom Daschle, Bob Dole and George Mitchell.

FuelFix energy policy reporter Jennifer Dlouhy is live-tweeting from the event, held from 9 a.m. to 2 p.m. ET.

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