Can the United States Rule the (Energy) World?
Geopolitical crises in Eastern Europe have been met with calls in the United States to use energy as a foreign policy tool. With U.S. Energy Secretary Ernest Moniz asking the industry to make a stronger case, it’s domestic policies that may inhibit energy hegemony.
“The industry could do a lot better job talking about the drivers for, and what the implications would be, of exports,” Moniz told an audience at the IHS CERAWeek energy conference in Houston.
The Energy Information Administration said in its weekly report that gross exports of petroleum products from the Unites States reached 4.3 million barrels per day in December, the first time such exports topped the 4 million bpd mark in a single month.
The agency said the United States is a net exporter of most petroleum products, but crude oil exports are restricted by legislation enacted in response to the Arab oil embargo in the 1970s.