President Bush has ordered the Commerce Department to ease restrictions on exports of U.S. crude to allow the export of 25,000 b/d of California heavy crude. He also ordered Department of Energy to review the oil exports periodically and recommend adjustments in export volumes if "they allow the export of the maximum quantity that will not diminish the total quantity or quality of petroleum available to the U. S." At the same time, the Commerce Department authorized exports of about 200,000 bbl
President Bush has ordered the Commerce Department to ease restrictions on exports of U.S. crude to allow the export of 25,000 b/d of California heavy crude.
He also ordered Department of Energy to review the oil exports periodically and recommend adjustments in export volumes if "they allow the export of the maximum quantity that will not diminish the total quantity or quality of petroleum available to the U. S."
At the same time, the Commerce Department authorized exports of about 200,000 bbl of heavy San Joaquin Valley crude to the Pacific Rim.
DOE said the export of 25,000 b/d of heavy crude would equal about $138 million/year in sales. It blamed depressed California heavy crude prices for premature shut-in of wells and the loss of reserves,
DOE's National Energy Strategy recommended California heavy crude exports.
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