Exxon Mobil Wants Ban on Exports of U.S. Crude Lifted

During a business conference last week in Houston, Rex Tillerson the CEO at ExxonMobil said that if the government of the U.S. would end the ban on export of crude oil from the U.S. that is decades old, there would be a spike in job creation. Tillerson also said it would boost the energy security via encouraging new investments that would life production.

According to a news report last week, dozens of businesses have lined up to export LNG – Liquefied Natural Gas. In addition, a superlight form of crude oil called condensate. The output in the U.S. of gas and oil has surged to a high of 25 years, thanks in part to advances in horizontal drilling and hydraulic fracturing of tight oil fields.

Currently LNG must go through lengthy reviews by regulators.

Tillerson said that in current talks about crude oil and LNG exports, leaders and economists across the spectrum from both sides agree that having free trade would lead to more investment, job growth and more production.

Giving the marketplace the opportunity to determine viability of energy exports and other infrastructure projects, instead of making decisions solely on political calculus is the proper course to take, added the CEO of ExxonMobil.

He concluded by saying the government is well positioned to have a positive role in opening new markets, strengthening ties internationally and promoting more free trade.

This past June, ExxonMobil started building an ethane cracker worth billions of dollars at its Baytown, Texas chemical complex.

The cracker is part of a new wave of investments that companies are making as they take advantage of inexpensive natural gas from the onshore boom in the U.S.

ExxonMobil has indicated that the new construction project would involve nearly 10,000 new workers, create another 4,000 jobs related to the construction and add over 350 new positions to the Baytown plant.