The U.S. trade laws, especially the 39-year old ban on crude oil exports, is “antiquated, and at times, absurd,” says the Republican Chairman of the Senate energy committee.
I couldn’t agree more.
Lisa Murkowski, an Alaska Republican, a lawmaker famous for her wisdom and fairness, called out President Obama for maintaining trade laws that date back to the early 20th century.
In a white paper released Monday, Murkowski spoke for us American independent oil and gas producers, forced to store excess crude, or unfairly sell it below market prices, instead of selling it on the global market, like everyone else.
She said, because of our “technology prowess, and American grit,” there is a major resurgence in our energy sector. And she’s right. Things have changed. We need to stop looking at the glass half empty and realize, we are sitting on a gold mine.
We don’t have to bow down to OPEC anymore. We don’t have to live in fear.
We can live with a mentality of abundance, not one of scarcity, rooted in the mid-1970s when OPEC strangled the U.S. and caused us to pass the export ban in the first place.
Even the Energy Information Administration, the independent statistical arm of the Energy Department, said so in its 2014 Energy Outlook.
EIA said U.S. production would rise by 800,000 barrels per day every year until 2016, when it will total 9.5 million bpd.
In 2019, domestic production of crude oil should account for 63 percent of total supplies. That’s startling considering that in 2011, domestic crude covered 38 percent of total U.S. supplies.
That means we have enough oil to supply our own country and sell it abroad where there is a raging demand.
How many years do we want to kneel down before OPEC, begging for one more barrel of oil because the Fourth of July driving season is on the horizon?