The Energy Department’s stat shop is working on a number of studies examining the impact crude oil exports would have on the U.S. and is set to release a collective summary of them soon.
The Energy Information Administration (EIA) already released an analysis earlier this year on U.S. production of light sweet crude oil, but will release two more studies related to exports in the coming months.
{mosads}In October, the EIA will put out a study on the financial impact of exports on the energy markets between the U.S. and other countries, as well as the effect on U.S. crude oil prices.
The next study, which is set to come out closer to December, will analyze the costs of processing more crude oil, specifically more light sweet oil and the technology needed to do it, said EIA spokesman Jonathan Cogan.
By the end of this year, or early next year, Cogan said, the EIA will issue a comprehensive summary of all of the studies to paint a thorough picture of crude oil production in the U.S. and potential impacts of exports.
If the U.S. decides to give the thumbs up to crude oil exports, it will be a dramatic policy shift that lifts a decades-old ban on exports of the product.
In recent comments, Energy Secretary Ernest Moniz, sought to calm rising murmurs among lawmakers and industry that the administration was moving toward lifting the ban.
Moniz said it was far too early to say if the administration would lift the ban, mentioning that the U.S. is still a large importer of crude oil.