U.S. Oil Seen as Buffer for Global Prices and Supply
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U.S. oil output is buffering global crude prices and critical to the world’s supply balance amid the threat of disruptions, even as a ban on domestic exports remains in place, Energy Secretary Ernest Moniz said.
A surge in the nation’s oil output comes as markets are faced with near-historic highs of unanticipated outages, Moniz, 69, said at a talk organized by the public-affairs forum Commonwealth Club in San Francisco yesterday. He agreed with a government report finding U.S. gasoline prices may drop should the prohibition on crude exports be lifted.