America’s energy renaissance represents a “strategic asset,” which will grant Washington “newfound leverage around the world,” according to Alaska Sen. Lisa Murkowski.
The senator, who also outlined a roadmap for modernizing crude oil export regulations during her speech, said: “I have called for the lifting of the de facto prohibition on crude oil exports, as a preemptive measure. We need to lift this defacto ban, to prevent future losses of production and jobs when our trade restrictions inevitably collide with the surge in the light, tight oil and condensate production.”
She conceded that the price impact, especially on gasoline, of allowing exports was a matter of concern but added: “Exports stimulate production, which increases global oil supply, which decreases global oil prices, which decreases global petroleum product prices. In other words, all things being equal, lifting the ban will help consumers.”
Sen. Murkowski, a third-generation Alaskan, gave a keynote speech at the IHS CERAWeek summit in Houston. She said: “America’s overall production of nearly every type of energy is rising. The efficiency of just about everything, whether it’s our vehicles or our buildings, is increasing. In comparing our supply with our demand, we are rapidly approaching a self-sufficiency rate of 90%.”
The Senator, whose comments come amid heightened tension over the crisis in Ukraine, noted that while energy has been seen as a strategic liability since the 1970s, it is now beginning to be viewed as a “strategic asset”; an asset “that can boost the U.S. economy and grant Washington newfound leverage around the world.”
She added: “American engagement, within the international system, is imperative if we want to optimize the American energy renaissance and ensure that its benefits are felt across the globe. Trade, technical assistance, diplomacy, alliances, these are opportunities for a nation with newfound promise and far from the burdens, as some may have suggested, of a nation that is, perhaps, stretched too thin.”
The Senator also hailed the benefits, such as job creation and lower energy prices, of the energy revolution. She noted that as the U.S. imports less hydrocarbons there will be more energy for others. She warned that this will create “the kind of supply condition, in the world oil market, that allows all of us to deal with bad actors from a position of relative strength, and we all know how critical that is today.”
Sen. Murkowski warned that the challenge was to keep the nation’s energy revolution going. She warned that decisions need to be made on granting access to both new lands and new markets. She noted that the vast majority of hydrocarbon production in the U.S. takes place on state and private land, while production from federal lands has actually fallen from 2008 to 2012. She spoke out against failing federal policies and called for them to be reoriented “for a new century.”
She concluded: “We cannot squander the golden opportunity that technology, geology, providence and true American grit have bestowed upon us.”
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