Rigby5
Diamond Member
But most of the oil is on federal leases.That oil is ours. Every last drop of oil drilled for here should stay here. If one ounce leaves then we have been lied to. Big time.
US oil companies are NOT nationalized.. They arefor profit businesses.
But most of the oil is on federal leases.
By law it is not supposed to leave the US, but it started being shipped out anyway as the law was repealed in 2015.
So it was under Obama.
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Effective immediately and subject to limited restrictions, U.S. producers may begin exporting crude oil to overseas customers.
On December 18, 2015, the President signed into law the massive Consolidated Appropriations Act of 2016, H. R. 2029, which previously passed both Houses of Congress with large bi-partisan majorities. An important part of this act is a provision that repeals the 1975 law that generally prohibited the export of crude oil produced in the United States.
In 1975, in the wake of the Arab oil embargo, the Congress enacted the Energy Policy and Conservation Act. Section 103 of that law, which was codified at 42 USC Section 6212 (entitled “Domestic use of energy supplies and related materials and equipment”), directed the President to promulgate rules prohibiting the export of crude oil and natural gas produced in the United States, subject to a few statutory exceptions related to the President’s authority regarding national security and national policy matters. The rules implementing the crude oil export ban are located in the Export Administrative Regulations of the Department of Commerce located at 15 CFR Part 754, and presently require a license to export crude oil to all destinations, including Canada. The 1975 law was not, however, interpreted generally to prohibit the export of refined petroleum products manufactured in the United States, and a thriving export trade has resulted.
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U.S. Repeals Longstanding Ban on Export of Crude Oil
On December 18, 2015, the President signed into law the massive Consolidated Appropriations Act of 2016, H. R. 2029, which previously passed both Houses of Congress with large bi-partisan majorities. ...www.pillsburylaw.com
Complete bullshit. Link us up to the production on federal land vs private. It's not even close.
Seems you are correct and my memories were wrong.
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Historically, according to Department of the Interior (DOI) data, crude oil production on federal lands (onshore and offshore) was consistently under 20% of total U.S. production until the late 1990s. Annual production then surged on federal lands (primarily offshore), rising to over 30% in the early 2000s and reaching a high point of nearly 36% in 2009. 6 There are an estimated 5.3 billion barrels of proved oil reserves located on federal acreage onshore, 7 and another 3.9 billion barrels of proved reserves offshore (nearly all in the Gulf of Mexico).8 Taken together, U.S. federal oil reserves equal about 26% of all U.S. crude oil (and condensate) reserves, which are estimated at 35.2 billion barrels, according to the EIA.9 Proved oil reserves are amounts accessible under current policy, prices, and technology. Higher prices often translate into higher reserve estimates.
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