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Export policy for oil and gas: Under current law, refined petroleum products are widely permitted. LNG exports require regulatory approval particularly as they relate to non-FTA countries, and crude oil exports are permitted under certain conditions. With the projected influx of both lighter domestic crudes and Canadian oil sands, Gulf coast refiners will be pressed to match incoming crude quality with existing processing equipment (see infrastructure discussion above) and product demand needs.Uggla i p4 Capabilities of Jones Act vessels to efficiently move waterborne volumes between U.S. markets and the ability to export more costly or unneeded crudes are issues worthy of a robust policy debate.

The management, composition and use of the SPR: As we approach an era of oil self-sufficiency or limited import exposure, reexamining the utility, size, composition and use of the Strategic Petroleum Reserve (along with a series of other statutes and policies conceived in time of markedly different circumstances) is also warranted. At nearly 700 million barrels, the value of the current reserve approaches some $70 billion. As import volumes continue to decline,Uggla i p4 the size of the reserve could be reduced without sacrificing deliverability in times of short duration disruptions.

Reconciling the perpetuation of fossil fuels with climate needs: While climate change seems to have disappeared from the current public debate, the consequences of perpetuating large scale fossil fuel use into the next century require a reevaluation of strategies designed to minimize the impacts of greenhouse gas emissions or implement adaptation policies in the not too distant future. So far, we seem to be, except on the margins, in an “either-or“ debate.Uggla i p4 But achieving a truly sustainable and secure energy future while preserving quality of life standards requires that we confront this issue head on in a clear-eyed way.The ability to access these enormous unconventional resources has produced significant economic and security benefits, but also exposed some considerable risks and challenges. Ingenuity and technology, well timed investment and research can help mitigate some of these adverse impacts. However, responsible development, prudent policy and effective regulation can together provide the framework for allowing this development to move forward in a way that affords us the breathing space to develop and dispatch the next generation of cleaner burning/lower carbon fuels.