Anglo-Dutch oil supermajor Royal Dutch Shell PLC (NYSE: RDS-A) (NYSE: RDS-B) is seeking permission from the U.S. Department of Commerce to export U.S.-produced crude oil. Under current law, such exports are prohibited without a special permit. BP PLC (NYSE: BP) has such a permit, which allows the company to ship U.S. crude to the company’s Canadian refinery.
Shell did not indicate how much crude it expected to export nor its destination, according to a report in The Wall Street Journal.
According to the U.S. Energy Information Administration, the United States exports just 41,000 barrels a day of crude, less than half of 1 percent of total U.S. exports. U.S. net imports for last week totaled 8.4 million barrels a day, and U.S. production totaled about 6.6 million barrels a day.
With production still well below imports, the stated political goal of reducing U.S. dependence…
View original post 210 more words