US Crude ExportsAny thoughts on if this legislation would help reduce oil surplus and influence North American companies to start increasing production again? I don't know what the world demand looks like and if it helps/hurts drive US exports?
Two days after Senator Lisa Murkowski said she would introduce legislation this year to allow U.S. crude exports, Pioneer Natural Resources (NYSE:
PXD) CEO Scott Sheffield has put the chances of lifting the ban in 2015 at 40% to 50%. The chief executive, who has recently held talks with members of Congress and the Obama administration about removing the restriction, also sees an 80% to 90% chance that American E&P companies will be allowed to export crude by early 2017. The Commerce Department gave Pioneer and Enterprise Products Partners (NYSE:
EPD) permission last year to begin selling an ultralight oil product called condensate.