Week In Review: September 21, 2018
Friday, September 21, 2018
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September 21, 2018
There’s little doubt that oil production provides significant economic benefits in Texas – from record low unemployment in the Permian Basin to generating billions of dollars in state and local tax revenue. But what may be less appreciated is how exports of crude oil are enhancing these benefits, all while helping to reduce our national trade deficit.
For nearly 40 years, exports of crude oil from the United States were prohibited by federal law. That changed in December 2015, when Congress lifted that ban as part of a broader appropriations bill. As the largest oil producing state, and with multiple ports that are no stranger to the global petroleum market, Texas has benefitted from exports more than any other state.
U.S. oil exports reached new soaring heights in the first six months of 2018, with half of all exports going to Europe and Asia and India shoring up the rest, according to new data from the federal government.
U.S. crude oil exports saw an 80 percent increase in the first half of 2018 compared to the same period last year, according to the latest data and analysis issued Thursday by the Energy Information Administration.
The U.S. State Department on Friday issued an environmental assessment of a revised route for the Keystone XL crude pipeline that concluded it would not harm water or wildlife, clearing a hurdle for the project that has been pending for a decade.
U.S. President Donald Trump is eager to see the building of the pipeline, which was axed by former President Barack Obama in 2015 on environmental concerns relating to emissions that cause climate change.
This Week's Topic: Pipelines
If oil and natural gas are the lifeblood of the Texas economy, the almost 440,000 miles of pipelines are the critical veins and arteries that keep the Lone Star State's economy pumping.
American pipelines support over 500,000 jobs and have a 99.999% safety rating.
In Case You Missed It
Natural gas is rapidly becoming the dominant fuel source globally. Spurred by massive production growth thanks to innovations such as hydraulic fracturing (fracking) and horizontal drilling, the United States recently overtook Russia as the world’s largest natural gas producer.