April 3 - Jeffrey Goldfarb talks to Chris Swann about how the oil industry deftly accepted the U.S. Energy secretary's challenge to make the case for shipping crude overseas.
US energy secretary earnest -- knees threw down the gauntlet and oil companies recently at their big annual get together Houston. Challenge them to come up with their case for why they should be allowed to export oil which is currently bad. The oil companies have picked up the Garland and are you know answering the call right. I haven't I value well funded multi undertaken in the months to come up with hundred pages jam packed with statistics align exporting. It's a good ideas that come up with some pretty punching numbers about seventy billion dollars in extra direction in investment in the oil -- Maybe 38 billion dollars extra in GDP cheap gasoline prices apps -- everything's moment -- let's go back a little bit why is it banned in the first acquired may not mean like we now exporter. We've had restrictions in the US since the 1920 that they were tightened in the 1970 -- to be harmful and in pockets of oil was that race guess. Then there was rationing and the united it was what -- you -- you wanted to keep -- and keep people in the cops so it's somewhat outdated policy which is became entrenched over the years yet it may follow sentiment -- seventies. But obviously now we're in an era when the United States heading towards being the world's largest critiques that once again by by 2015 according to some accounts. And that says America's overflowing with oil it'll remain in net -- and I think that's and human needs its point that America will continue to -- several million barrels a bullet today. And the question is what is -- gain from also exporting it right the point that you're making is like. Why has the burden of proof. On the industry rather than all on the government I get it it's not you liked it because. Colin produce -- have to explain why they need to export car produces. Any other kind of -- it simply doesn't have to just doesn't mean it should be congrats and the administration disable. Why exactly is this having made the case in the seventh and obviously the question is. They need to make the case again -- of the case it's actually extremely weak you have congressmen like mark he sang well. It would Jesus energy independence. But I think what really counts is this the next in -- if not the -- -- -- tickets. But what about all these numbers are coming out of the oil lobbies that to happen you know how. How how much we trust them you know I think making it -- that they've chased in the next optimistic scenario is the -- to prove that case. And bid for example back then that suggesting that drive this little side benefit American tried -- But they have some point what -- -- suggesting that oil output in the United States would increase. This would love with a global crisis the global price that US gasoline -- -- -- bit -- extra for instance it distracts us at 91 million Aaron -- market and -- suggesting that it maximum -- had an increase of 500000. Barrels in -- Pittsburgh not a terrible accident not a terribly significant. All right we will keep an eye on this this particular door and we'll see if the energy secretary has more to say -- will be back with more breaking news tomorrow.