Exxon CEO Urges End to Crude Oil Export Ban | Russell T. Rudy Energy LLC
Exxon Chief Executive Officer, Rex Tillerson, contends that lifting the decades, old crude oil export ban would spur job creation, and move us toward energy security, according to a recent article in “Rigzone”. Lifting the ban, and drastically simplifying the review process for Liquefied Natural Gas (LNG) and condensate export projects, would stimulate investments. These in turn would lead to increased domestic oil and gas production.
As a result of the shale revolution, U. S. oil and gas production is already at a 25 year high. Tillerson stated that economists and leaders across the energy spectrum all agree that energy exports would lead to more investment, more jobs and even greater production. He said that the marketplace, not politics, should be the final arbiter as to the viability of energy exports and infrastructure investments. Rather than act as an impediment, he thinks that “Government is especially well positioned to play a positive role by opening up markets, strengthening international ties, and promoting free trade”.
Exxon has begun construction of a multi-billion dollar ethane cracker in Baytown; just one of a number of investments the company is making to take advantage of cheap natural gas from the onshore production boom. The project will involve 10,000 workers, create 4,000 related jobs, and add 350 positions at the plant.
To read the article in its entirety, please go to www.rigzone.com/news/oil_gas/a/135275/Exxon .
