"Exxon Mobil Corp. XOM -1.51% , the nation's largest energy producer, is calling for the U.S. to lift restrictions on exporting domestic oil that date back to the Arab oil embargo of 1973.
The Irving, Texas, company's public support for crude exports comes as it forecasts decades of abundant supplies of petroleum in the U.S. and elsewhere as well as increasing global demand for oil, according to its annual energy outlook set to be released on Thursday.
"We are not dealing with an era of scarcity, we are dealing with a situation of abundance," Ken Cohen, Exxon's vice president of public and government affairs, said in an interview. "We need to rethink the regulatory scheme and the statutory scheme on the books."
By 2015, energy companies will tap more oil in North America from dense layers of rock alone than the current output of members of the Organization of the Petroleum Exporting Countries except Saudi Arabia, Exxon projects.
World-wide, companies will pump greater amounts of oil through 2040 and still leave nearly two-thirds of the earth's crude deposits untouched, Exxon says."
Problem is like the XL pipe line. The Progressive secular pagans of the humanity hating earth goddess are trying to disrupt our oil and gas boom. Of course being Progressive collectivist personal virtue is an illusion for them so they simply lie and tell stories. Which the failed press reports as objective opinion.
I do not wish to export crude oil. Unlike ngas oil can be exported at low cost. But to avoid this we must build valued added refining and manufacturing capacity to use our energy Providence. But given the dishonesty of Obama and his Progressive primitive secular pagan religion supporters, it is to risky to make those easy investments.
First things first. Wholly defective corn ethanol mandates for base load gasoline must go. The EPA must be returned to objective science rather than be allowed this orgy of agenda driven Progressive religion.
Fifteen years ago I was at a dinner a met a guy who was the Director of Researh at a company called EPRI (Electric Power Research Institute). It was funded by energy companies to look at all things energy...not a company for profit....only for research The guy told me the world was awash in petroleum reserves despite what the lay press was saying. The only issue, he said , was finding a way to access those reserves. "Saul"," he said, "it's only a matter of time before the engineers figure out how to tap those reserves." One conversation from a long time ago that proved to be prophetic. EPRI is still in existance as a research only institute in Palo Alto, CA.