
It's oil, not gas, that will increase U.S. leverage in the overseas market more quickly, the chairman of the largest stakeholder in North Dakota's oil said. The U.S. House Foreign Relations Committee heard testimony Wednesday on how best to exploit the glut of oil and natural gas brought on by the shale boom in the United States. With Russia aggravating Western leaders over its reaction to the Ukrainian crisis, U.S. policymakers say easing some of the restrictions on oil and gas exports could weaken the Kremlin's influence in Eastern Europe. Harold Hamm, chairman of Continental Resources Inc., the largest stakeholder in North Dakota oil fields, said the oil spigot would be easier to open. While Russia's primary "energy weapon" is gas, the United States lacks the infrastructure to have an immediate impact. "If we want to have an overnight impact on today's global events, we can immediately begin exporting crude oil, which does not have the same infrastructure constraints," he testified. Elizabeth Rosenberg, director of the energy and security program at the Center for a New American Security, said more exports could raise prices in the domestic market, though the trade off in terms of U.S. leverage made it "well worthwhile." Legislation enacted in response to the 1970s Arab oil embargo restricts U.S. crude oil exports. A special permit is needed to ship LNG to countries without a U.S. free-trade agreement, which no European country has currently.
GMT 14:36 2018 Sunday ,14 January
Fossil fuels blown away by wind in cost terms: studyGMT 18:20 2018 Thursday ,11 January
Ukraine to launch its first solar plant at ChernobylGMT 18:44 2018 Tuesday ,09 January
Finland's Fortum snaps up EON's fossil fuels stakeGMT 17:39 2018 Wednesday ,03 January
Norway powers ahead electrically with over half of new car sales now electric or hybridGMT 15:36 2018 Wednesday ,03 January
Minister of Mining Says Govt. Invested MAD 12.3 Billion between 2003-2017GMT 18:00 2017 Saturday ,23 December
Energy prices bump key US inflation index up in NovemberGMT 09:01 2017 Friday ,15 December
BP plan to buy Australian petrol pump network blockedGMT 14:54 2017 Monday ,27 November
Belarus nuclear power plant stirs fears in Lithuania
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor