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  1. #1
    Senior Member JohnDoe2's Avatar
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    U.S. Eases 40-Year Crude Export Ban by Allowing Mexico Swap

    U.S. Eases 40-Year Crude Export Ban by Allowing Mexico Swap

    Brian Wingfield Dan Murtaugh

    August 14, 2015 — 10:00 AM PDTUpdated on August 14, 2015 — 9:01 PM PDT

    The U.S. agreed to allow some crude to flow to Mexico in the latest step toward easing a 40-year ban on most domestic oil exports.

    Up to 100,000 barrels a day of light oil and condensate will be exchanged for heavy Mexican crude, according to Petroleos Mexicanos, the state-owned oil company.

    Canada is the only other nation that is exempt from the prohibition on exports. Requests from less than a dozen other unidentified countries to import U.S. crude were denied, said a senior administration official who asked not to be named according to U.S. policy.


    Energy producers including Exxon Mobil Corp. and ConocoPhillips have called for an end to the export restrictions after a drilling boom boosted U.S. oil production to the highest level in more than 40 years.

    Some members of Congress have also called for an end to the policy, as prices dropped by more than half since last June. Approval from the U.S. Commerce Department comes after the same agency allowed for exports of lightly processed oil last year.


    “It shows the administration is going to be flexible within existing law to find homes for domestic production,” said John Auers, executive vice president of energy consultant Turner Mason & Co. “With crude prices being low, export restrictions are arguably causing an even greater impediment to domestic production.”

    Under the permits due to be issued by the end of the month, Mexico can receive the oil in return for shipping similar quantities to U.S. refineries. The U.S. crude that goes to Mexico must be refined there.


    Pemex Need


    The department has been reviewing Mexico’s exchange request since at least January. Pemex said the U.S. crude will help boost gasoline production at its refineries in Salamanca, Tula and Salina Cruz.

    Pemex exported 803,000 barrels a day of mostly heavy oil to the U.S. last year and Mexico imports about half its gasoline. Crude output from Pemex has been falling for a decade.


    “With light crude coming from the U.S., the country will benefit given that Pemex will mix light and heavy crudes which will result in a greater production of gasolines and diesel,” Pemex said in a written statement. “In addition, less fuel oil will be produced and higher-quality fuels will benefit the environment.”


    Mexican Reforms


    Mexico’s government approved energy reforms last year that allowed its refiners to import oil, after decades of relying on its own production.

    The U.S. official declined to identify who will receive the license to export the oil or how much can move in the exchange. The official also wouldn’t say which other nations have petitioned for U.S. oil shipments.


    The Mexican approval is different from Canada’s exemption, which doesn’t require imports of similar quantities of Canadian crude.


    Supporters of ending the prohibition argue that it hinders free trade and say removing it could help improve global energy security.

    Opponents say lifting the ban will increase the price of gasoline.


    The U.S. exported a record 586,000 barrels of crude a day in April, mostly to Canada.


    Oil ‘Bone’


    The approval amounts to a “bone” for an oil industry clamoring for looser export rules, said Michael McKenna, a lobbyist with MWR Strategies in Midlothian, Virginia. It avoids the politically riskier step of full removal of the limits on overseas sales, he said.

    “If you look at the regulations that the Commerce Department has set, they set a pretty low bar for swaps with Mexico, it’s just that nobody had asked before,” Jason Bordoff, founding director of Columbia University’s Center on Global Energy Policy, Bordoff, a former energy adviser to President Obama, said in a phone interview.

    http://www.bloomberg.com/news/articl...ico-easing-ban

    Last edited by JohnDoe2; 08-16-2015 at 06:39 PM.
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  2. #2
    Senior Member JohnDoe2's Avatar
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    6/27/15

    Texas to pump gas to Mexico

    http://www.alipac.us/f19/texas-pump-gas-mexico-321344/
    Last edited by JohnDoe2; 02-28-2017 at 10:43 PM.
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  3. #3
    Super Moderator Newmexican's Avatar
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    Phillips 66 is an oil refiner. What lucky timing for Obama's buddy Warren Buffet...
    Buffett’s Berkshire Takes $4.48 Billion Stake In Phillips 66


    Berkshire Hathaway CEO Warren Buffett participates in a newspaper throwing contest prior to the Berkshire annual meeting in Omaha, Nebraska May 2, 2015. REUTERS/Rick Wilking

    August 29, 2015
    By Jonathan Stempel

    (Reuters) – Warren Buffett’s Berkshire Hathaway Inc <BRKa.N> disclosed a $4.48 billion stake in oil refiner Phillips 66 <PSX.N>, rebuilding a bet it had made in the energy industry before oil prices fell.

    The 57.98 million-share, or roughly 10.8 percent, stake was revealed in a Friday night filing with the U.S. Securities and Exchange Commission. Phillips 66 shares closed Friday at $77.23.

    Berkshire once held a large stake in the Houston-based company, but shed nearly two-thirds of it in February 2014 when it swapped $1.35 billion of shares for a chemicals business that it folded into its Lubrizol unit.

    Crude oil prices have since fallen by more than half, though Phillips 66’s share price has dropped by less than 1 percent.

    Phillips 66 spokesman Dennis Nuss on Saturday said the Houston-based company does not comment on specific shareholders.Berkshire may have begun rebuilding its Phillips 66 stake in the second quarter, when it bought $3.09 billion of equities overall.

    In an Aug. 14 SEC filing detailing its U.S. stock holdings, Berkshire did not mention Phillips 66, after having previously reported a 7.5 million-share stake as of March 31, but said it disclosed some information confidentially to the regulator.

    The SEC sometimes lets Omaha, Nebraska-based Berkshire do this so Buffett can quietly buy a large amount of stock, without worrying about investors piggybacking on the famed investor’s apparent stamp of approval.

    He did this in 2013, when Berkshire amassed a $3.45 billion stake in Exxon Mobil Corp <XOM.N>. Buffett sold that stake in last year’s fourth quarter.

    Berkshire does not normally say whether Buffett or his portfolio managers Todd Combs or Ted Weschler make specific investments, but larger investments are generally Buffett’s.

    Until this week, when the price briefly fell below $70, Phillips 66 shares have since April traded around or slightly above their current price.

    Berkshire ended June owning $117.7 billion of equities.

    It also owns more than 80 businesses, and on August 10 said it would buy Precision Castparts Corp <PCP.N>, which makes parts for the aerospace and energy industries, for roughly $32.3 billion.

    http://www.oann.com/buffetts-berkshire-takes-4-48-billion-stake-in-phillips-66/


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    Senior Member JohnDoe2's Avatar
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