|Alaska Exports Crude Oil to South Korea|
|by Tom McGregor||Mon, Sep 29, 2014, 10:14 PM|
Alaska oil & gas companies have found a loophole that permits them to export crude oil to foreign countries.
According to the Houston Chronicle, "A tanker full of Alaskan crude is now heading to South Korea, courtesy of an exception in the 39-year-old law that blocks most U.S oil from being sold overseas."
ConocoPillips is quoted as saying that, “ConocoPhillips has the capability to export a limited amount of its Alaska North Slope crude oil production to non-U.S. customers as allowed by law. This will enable the state of Alaska and ConocoPhillips to potentially realize a higher value for this important natural resource.”
As reported by the Houston Chronicle, "The shipment, which is the first of its kind in a decade, was by the energy market monitoring firm Genscape using maritime vessel tracking data and has been linked to ConocoPhillips, one of the major operators on Alaska’s North Slope. Genscape said the tanker Polar Discovery — carrying potentially 784,000 barrels of crude — is destined for Yeosu, South Korea."
Nevertheless, President Barry Obama continues to support a ban on U.S. oil & gas exports.
To read the entire article from the Houston Chronicle, link here:
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