Exxon-Mobil CEO wants ban on US crude oil exports scrapped
06 October 2014
Exxon-Mobil chief executive officer Rex Tillerson has called for the scrapping of a decades-old ban on US crude oil exports.
Speaking to a business group in Houston, Tillerson said the resultant job creation activity would boost energy security by encouraging new investment that raised production, independent US online news site Statecolumn reported.
Reuters reported that dozens of companies were lining up to export liquefied natural gas (LNG) and also a ''superlight'' type of crude oil known as condensate, as US output of oil and gas had surged to a 25-year high, thanks to advances in hydraulic fracturing and horizontal drilling of tight oil fields.
In recent weeks LNG drilling has been subject to lengthy regulatory reviews.
''In the current debates about LNG and crude oil exports, economists and leaders from across the political spectrum, from all sides, agree that free trade would lead to increased investment, more jobs and, importantly, increased production,'' Tillerson said.
''Allowing the marketplace to determine the viability of energy exports or other infrastructure projects, as opposed to making decisions based on political calculus, is the proper course of action,'' he added. ''Government is especially well positioned to play a positive role by opening up markets, strengthening international ties and promoting free trade.''