|HollyFrontier Favors Ban on US Gas Exports to Ukraine|
|by Tom McGregor||Wed, Apr 2, 2014, 07:52 PM|
Dallas-based HollyFrontier Corp., a gas refiner, is fighting legislation in the US Congress that would permit U.S.-based oil & gas companies to export their crude to other countries.
The Houston Chronicle reports that, "Oil industry leaders clashed Wednesday on the nation’s 39-year-old crude export ban, as a Dallas-based refiner insisted that lifting those trade restrictions would spike gasoline prices."
CEO Michael Jennings of HollyFrontier Corp. is quoted as saying that, “There’s probably a 10-to-20 cent per gallon uplift in the cost of gasoline in the markets we serve which would result from this policy decision.’’
According to the Houston Chronicle, "Pocketbook issues are emerging as a major factor in the debate over exporting U.S. crude. Domestic oil production is surging and , hitting a two-decade low last year."
CEO Jennings fears that sending energy exports to the Ukraine could cause gas prices to rise 10 cents per gallon for American drivers.
To read the entire article from the Houston Chronicle, link here:
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