Energy secretary skeptical US will export oil anytime soon

Energy Secretary Ernest Moniz said while the administration is reviewing whether to lift a ban on crude oil exports, the U.S. remains a major importer of the product.

“It’s not a stunning remark that in light of a different market we should take a look across the board,” Moniz said in an interview on “Platts Energy Week.” 

{mosads}On crude oil exports specifically, Moniz said the administration is looking at the policy but the U.S. “remains a very large importer of oil.”

“There has been no policy change. This is a case where we are importing millions of barrels a day and will do for some years,” Moniz added, hinting that exports may not be a good option any time soon.

“The question really is what will the impact on markets, again in the context of our being major importers,” he said.

Asked if the administration planned to make some changes on crude exports, Moniz said he couldn’t say.

Moniz stressed that the U.S. should look at the debate surrounding oil and gas exports different.

“They’re entirely different,” he said, because the U.S. is a major importer of oil but not of gas.