The pressure on the federal government to lift the ban on U.S. crude oil exports is building, after the U.S. Chamber of Commerce joined the long list of industry groups, trade bodies and organizations that are demanding an end to the restriction.
The United States will replace Saudi Arabia this year as the world’s leading oil producer. The forecast is based on total oil supply, which includes crude plus natural gas liquids and biofuel.
Capital spending on downstream projects, especially in the Gulf of Mexico, is predicted to hit $100 billion over a period of three years and the supply of skilled workers to the U.S. oil and gas industry is expected to fall short.
The top 50 U.S. oil and gas companies spent $185.6 billion on exploration and developing new production in the United States in 2012, according to a new study.
Companies operating in the energy sector are rarely involved in open battles over market share, pricing or access to resources. However, the shale gas revolution in the U.S. may prove too profitable for large companies not to start bumping heads.