Record spare U.S. crude oil supplies put pressure on the Obama administration and Congress to lift the country's ban on oil exports.» Read More
The Commerce Department's approvals to Pioneer Natural Resources Co and Enterprise Product Partners LP this year were issued as private letters, which makes it hard for other drillers to discern exactly what petroleum the government considers legal. Products, unlike crude, are exempt from the ban that Congress passed after the Arab oil embargo of the 1970 s.
With the GOP taking control of both houses of Congress, at least one pro thinks some big changes lie ahead, especially in the energy sector.
Some of Wednesday's midday movers:
The Dow has not had a loss in a pre-election year since 1939, a statistic that suggests stocks could be up again in 2015.
This should bolster the case for lifting the ban by oil producers such as Pioneer Natural Resources, Anadarko Petroleum and Marathon Oil, which want an expanded market for their crude. Republican Senator Lisa Murkowski from Alaska, who in January started a campaign to relax the oil export ban, said the report proves that a change in policy would be advantageous...
WASHINGTON, Oct 30- U.S. gasoline prices are mainly set by global oil prices, a government report said on Thursday, a conclusion that should ease concerns among some lawmakers that lifting a crude oil export ban would mean pain at the pump for American motorists. That should bolster the case for lifting the ban among oil producers such as Pioneer Natural Resources,...
Producers for American Crude Oil Exports, or PACE, is the first lobbying group to form to reverse the trade restriction passed by Congress in the 1970 s after the Arab oil embargo caused fears of domestic oil shortages. As the U.S. oil boom of the last six years builds an excess of crude, calls have risen for Congress and the Obama administration to relax the ban.
Congress passed the trade restriction in the 1970 s after the Arab oil embargo caused fears of domestic oil shortages. The group of 14 producers has "united to create an advocacy initiative to help repeal the outdated ban on crude oil exports," Daren Beaudo, a spokesman for ConocoPhillips, one of the member companies, said in an email. The U.S. drilling boom of the past...
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NEW YORK, Oct 14- Saudi Arabia's move to keep crude oil production high, fueling a steep global price slump, may have an unexpected consequence: intensifying the campaign by U.S. producers to scrap Washington's decades-old ban on exports of domestic crude. But many Americans, fearful of high gasoline prices, support the ban, as do their members of Congress.
Stocks failed to hold gains after a strong rally, as oil's late-day plunge overshadowed the bounce in tech, transports and industrials.
MUMBAI, Oct 13- Reliance Industries Ltd, a conglomerate that operates the world's biggest refinery, reported a rise in profits that beat forecasts, helped by stronger refining margins, and said it would invest up to $9 billion in the next two quarters. The company, controlled by India's richest man, Mukesh Ambani, has been expanding beyond its core refining and...
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Pickens also shared some investing ideas within the energy sector, including his thoughts on MLPs and producer consolidation.
It's time for the Lightning Round. Cramer makes the call on viewer favorites.
U.S. oil production continues to boom, and a loophole in a law has allowed the first export of unrefined American oil in decades.
Jim Cramer thinks key developments in today's stock market could be telegraphing critical information about tomorrow.
Jim Cramer says recent developments in the oil business aren’t getting nearly the attention they deserve.
U.S. crude oil inched higher after news of a U.S. government decision to permit exports of lightly refined oil.
The Commerce Department's decision to allow unrefined U.S. oil exports creates clear winner and losers.