January 22, 2014

Oil Exports Endorsed by IEA

The U.S. could really take advantage of increased production if restrictions are lifted.

There may be a surprising bright spot in this era of Big Government and regulation; even more surprising is the affected industry and the source of the support. Dr. Ernest Moriz, Barack Obama’s new Energy Secretary, has indicated a willingness to reevaluate the restrictions placed on U.S. oil exports during the 1970s. In December, Moriz appeared to be much more receptive to lifting these restrictions than his predecessor, Stephen Chu.

Moriz’s position received additional support from the International Energy Agency this week. The IEA recently acknowledged that American oil production has surpassed even the best estimates. Indeed, reports the IEA, “U.S. crude oil supply in 2013 registered the fastest absolute annual supply growth of any country in the last two decades, rising 15 percent in 2013.” The IEA added that increased exports would help meet greater world demand. However, while both Moriz and the IEA wield considerable power, it’s up to Congress and/or the Commerce Department to remove the restrictions.

In the meantime, American companies would love to take full advantage of this economic opportunity. Since the U.S. has been the world’s largest importer of oil for decades, its refineries are outfitted for the heavier crude from Mexico and the Middle East. Oil companies have been renovating their refineries to accommodate the lighter, higher-quality American shale oil, but if the export restrictions are not lifted, they won’t be able to sell their oil outside the U.S. and Canada. These restrictions will drive prices down and – since producers of shale oil say prices must remain between $80 and $90 a barrel to be profitable – hamper the industry. For now, all we can do is wait to see whether this typically anti-business administration will move toward a freer market.

Who We Are

The Patriot Post is a highly acclaimed weekday digest of news analysis, policy and opinion written from the heartland — as opposed to the MSM’s ubiquitous Beltway echo chambers — for grassroots leaders nationwide. More

What We Offer

On the Web

We provide solid conservative perspective on the most important issues, including analysis, opinion columns, headline summaries, memes, cartoons and much more.

Via Email

Choose our full-length Digest or our quick-reading Snapshot for a summary of important news. We also offer Cartoons & Memes on Monday and Alexander’s column on Wednesday.

Our Mission

The Patriot Post is steadfast in our mission to extend the endowment of Liberty to the next generation by advocating for individual rights and responsibilities, supporting the restoration of constitutional limits on government and the judiciary, and promoting free enterprise, national defense and traditional American values. We are a rock-solid conservative touchstone for the expanding ranks of grassroots Americans Patriots from all walks of life. Our mission and operation budgets are not financed by any political or special interest groups, and to protect our editorial integrity, we accept no advertising. We are sustained solely by you. Please support The Patriot Fund today!


The Patriot Post and Patriot Foundation Trust, in keeping with our Military Mission of Service to our uniformed service members and veterans, are proud to support and promote the National Medal of Honor Heritage Center, the Congressional Medal of Honor Society, both the Honoring the Sacrifice and Warrior Freedom Service Dogs aiding wounded veterans, the National Veterans Entrepreneurship Program, the Folds of Honor outreach, and Officer Christian Fellowship, the Air University Foundation, and Naval War College Foundation, and the Naval Aviation Museum Foundation. "Greater love has no one than this, to lay down one's life for his friends." (John 15:13)

★ PUBLIUS ★

“Our cause is noble; it is the cause of mankind!” —George Washington

Please join us in prayer for our nation — that righteous leaders would rise and prevail and we would be united as Americans. Pray also for the protection of our Military Patriots, Veterans, First Responders, and their families. Please lift up your Patriot team and our mission to support and defend our Republic's Founding Principle of Liberty, that the fires of freedom would be ignited in the hearts and minds of our countrymen.

The Patriot Post is protected speech, as enumerated in the First Amendment and enforced by the Second Amendment of the Constitution of the United States of America, in accordance with the endowed and unalienable Rights of All Mankind.

Copyright © 2024 The Patriot Post. All Rights Reserved.

The Patriot Post does not support Internet Explorer. We recommend installing the latest version of Microsoft Edge, Mozilla Firefox, or Google Chrome.