Trump Deregulation Fueling An Oil BOOM

  • 08/31/2018
  • Source: TTN
  • by: TTN Staff
Trump Deregulation Fueling An Oil BOOM
By Gage Skidmore from Peoria, AZ, United States of America via Wikimedia Commons
 
United States oil exports have boomed recently, moving us closer to energy independence. This has been made possible in part due to Congressional action and President Trump removing burdensome regulations.

According to The Wall Stree Journal:

The Energy Information Administration announced this month that the port district of Houston-Galveston began exporting more crude oil than it imported for the first time. Houston-Galveston exports in April surpassed imports by 15,000 barrels a day, and by May the difference had grown to 470,000 barrels a day. That port district handles more than half of all U.S. crude exports, which hit a record of two million barrels a day in May.

The export boom is testament to U.S. ingenuity that has driven rapid advances in hydraulic fracturing and horizontal drilling, especially in shale rock. The breakthroughs have lowered drilling costs and put Texas’s Permian Basin at the center of an oil-and-gas drilling revolution that will next year see the state producing more oil than either Iraq or Iran.

Washington also gets credit for removing regulatory hurdles like the oil export ban. Republican leaders in Congress took flak in 2015 for agreeing to extend green-energy subsidies for a few years in return for Barack Obama’s signature on a statutory end to the 40-year-old export ban.

Some conservative pressure groups derided the policy trade as a sellout while liberals complained that ending the ban would serve Big Oil. The real beneficiaries are workers, investors and the overall economy, as well as greater flexibility in foreign policy as the U.S. is less vulnerable to authoritarian oil exporters.

Trump has fostered the ingenuity and work ethic that Americans have always held. This news is good for America and out security moving forward.

 Source: TTN

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