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Clinton Seeks "Concessions" For Louisiana To Prosper

- September 20, 2015

Clinton Is Trying To Gather Grassroots Support From The Very People That Are Hurt By Her Holding The Oil And Gas Export Ban Hostage

Today, Clinton Will Be Attending A Grassroots Organizing Meeting In Baton Rouge, Louisiana. (Hillary For America, "Baton Rouge, Louisiana Grassroots Organizing Meeting With Hillary Clinton," 9/21/15)

Clinton Wants To Hold Captive The Ban On Crude Oil Exports For "Concessions" From The Energy Industry. "Democratic presidential candidate Hillary Clinton said on Friday she would support lifting the 40-year-old U.S. ban on crude exports only if the measure included concessions from the oil and gas industry to move toward cleaner energy. Clinton said she had not yet seen any legislation on lifting the ban that included concessions from the fossil fuel industry, In the absence of that, 'I don't think the ban should be lifted,' Clinton told reporters." (Amanda Becker and Timothy Gardner, "Clinton Would Support End To Oil Export Ban Only With Concessions," Reuters, 9/18/15)

  • Clinton Hasn't Explained The "Concessions" She Is Demanding From The Oil And Gas Companies. "Clinton did not specify exactly what kind of concessions she wants from the oil and gas industry. Opponents of reversing the ban say including permanent tax breaks for solar and wind power, or doing away with tax breaks for the oil and gas industry are concessions that could help bring about a deal. Analysts have said the chances of reaching a deal are slim ahead of the 2016 elections." (Amanda Becker and Timothy Gardner, "Clinton Would Support End To Oil Export Ban Only With Concessions," Reuters, 9/18/15)
  • Just A Day Before Clinton Called For "Concessions" She Flatly Refused To Support The Bill Currently In Congress To Lift The Oil Export Ban. "Democratic presidential candidate Hillary Clinton opposes a House GOP effort to lift the federal ban on crude oil exports. A campaign spokesman confirmed Wednesday night that the Democratic front-runner does not support the House bill. But the campaign didn't say whether or not she could support the lifting the ban if some type of deal were struck or whether she's opposed to crude oil exports in principle." (Devin Henry, "Clinton Opposes Bill To Lift Oil Export Ban," The Hill, 9/17/15)

Clinton Is Lockstep With Obama On Opposing Attempts By Congress To Lift The Ban. "The White House criticized Republicans' efforts to lift the ban on oil exports Tuesday and said the Obama administration will not support them. Press Secretary Josh Earnest said the fact Republicans are focusing on oil exports shows that they are beholden to oil and natural gas interests. 'We've got on a position on this, which is that this is a policy decision that is made over at the Commerce Department,' Earnest said at the daily press briefing, referring to Commerce's role in approving oil exports to specific countries in limited cases. 'And for that reason, we wouldn't support legislation like one that's been put forward by Republicans,' he said." (Timothy Cama, "White House Opposes GOP Bill To Lift Oil Exports," The Hill, 9/15/15)

CLINTON WILL HAVE TO EXPLAIN WHY SHE PUTS HER POLITICAL AGENDA AHEAD OF LOUISIANA'S ECONOMY

Experts Across The Political Spectrum, And In Obama's Own Government, Agree That Lifting The Ban Would Benefit The Country

Obama's U.S. Energy Information Administration Said Lifting The Ban Would At Worst Leave Gasoline Prices Unchanged And Could Actually Lower Prices At The Pump. "Petroleum product prices in the United States, including gasoline prices, would be either unchanged or slightly reduced by the removal of current restrictions on crude oil exports. As shown in a previous EIA report (What Drives U.S. Gasoline Prices?, October 2014) petroleum product prices throughout the United States have a much stronger relationship to Brent prices than to WTI prices. In the high production cases considered in this study (HOGR and HOGR/LP), the elimination of current restrictions on crude oil exports narrows the Brent-WTI spread by raising the WTI price. As domestic producers respond to the higher WTI price with higher production, the global supply/demand balance becomes looser unless increased domestic production is fully offset by production cuts elsewhere. The looser balance implies lower Brent prices, which in turn results in lower petroleum product prices for U.S. consumers." ("Effects Of removing Restrictions On U.S. Crude Oil Exports," U.S. Energy Information Administration, September 2015)

The Center For Global Energy Policy At Columbia University Estimated That Lifting The Ban Could Increase U.S. Oil Production By 1.2 Million Barrels Per Day And Lower Gasoline Prices By As Much As 12 Cents Per Gallon. "In light of these and other variables, we estimate lifting current crude export restrictions could increase US crude production anywhere between 0 and 1.2 million barrels per day on average between now and 2025, and reduce domestic gasoline prices by between 0 and 12 cents per gallon." (Jason Bordoff and Trevor Houser, "Navigating The U.S. Oil Export Debate," Columbia Center On Global Energy Policy , January 2015)

According IHS, Which Monitors Trends In The Oil And Gas Industry, Lifting The Export Ban Would Support Nearly 1 Million Jobs, Increase Household Income By $391, Increase GDP By $135 Billion, And Reduce Oil Imports By $67 Billion Per Year. "The higher US oil production resulting from a lifting of the ban will create at its peak 1 million jobs, increase GDP by $135 billion, and increase per household income by $391. The nation's oil import bill is reduced by $67 billion per year, a 30% reduction from the 2013 level." (Daniel Yergen, Kurt Barrow, James Fallon, Et Al, "US Crude Oil Export Decision," IHS, 2014)

According To The Liberal Brookings Institute, Lifting The Export Ban Would "Boost U.S. Economic Growth, Wages, Employment, Trade, And Overall Welfare." "Lifting the ban on crude oil exports from the United States will boost U.S. economic growth, wages, employment, trade, and overall welfare. For example, the present discounted value of GDP in the high resource case increases through 2039 is between $600 billion and $1.8 trillion, depending on how soon and how completely the ban is lifted." (Charles Ebinger, "Changing markets: Economic Opportunities From Lifting The U.S. Ban On Crude Oil Exports," The Brookings Institute , 9/9/14)

  • U.S. Households Would See Higher Real Incomes From Higher Wages And Lower Gasoline Prices. "The welfare benefits to U.S. households derive from higher real incomes (from higher wages) and lower gasoline prices. In the reference case, the decrease in gasoline price is estimated to be $0.09/gallon, but only for about five years. If oil supplies are more abundant than currently expected, the decline in gasoline prices will be larger ($0.07 to $0.12 per gallon) and more enduring." (Charles Ebinger, "Changing markets: Economic Opportunities From Lifting The U.S. Ban On Crude Oil Exports," The Brookings Institute , 9/9/14)

Louisiana Would Particularly Benefit From Lifting The Ban As The State Is Already The Second Largest Producer Of Oil In The Country

Louisiana Is The Second Largest Producer Of Crude Oil In The Country, At 1.4 Million Barrels Per Day, And The Second Largest Oil Refining Capacity. "Produce 1.4 million barrels of oil per day, the second-highest total in the country. This figure includes production from federal waters in the Gulf of Mexico, but almost all of that production comes ashore in Louisiana. Louisiana also ranked No. 2 in oil refining capacity with 19 refineries and a total daily capacity of 3.3 million barrels. Louisiana is home to three of the country's five largest refineries: Marathon in Garyville, No. 2; ExxonMobil in Baton Rouge, No. 3; and Citgo in Lake Charles, No. 5." (Ted Griggs, "Study Shows Energy Industry Drives La. Economy," The Advocate [Louisiana], 7/10/14)

According To A Study Conducted Last Year, In 2011 The Energy Industry In Louisiana Supports $20.5 Billion In Household Earnings, 287,008 Jobs, And $1.5 Billion In State Taxes And Fees. "Through both their direct and multiplier effects these three industries supported $73.8 billion in sales in Louisiana firms, generated over $20.5 billion in household earnings for Louisianans, and supported 287,008 jobs in the state in 2011. The $20.5 billion in earnings represented 11.6 percent of total earnings in Louisiana in that year. Personal income in not a single parish in Louisiana reaches this level. Eighty-six of the 185 countries ranked by the World Bank in 2012 have smaller gross domestic products than $20.5 billion. … These three industries directly paid nearly $1.5 billion in state taxes and feesin FY13, or about 14.6 percent of total state taxes, licenses, and fees collected. Through the $20.5 billion in household earnings generated by these three industries, state government indirectly was able to collect an additional $1,438,000,000 in taxes, for a total boost to the state treasury of $2.9 billion." (Loren C. Scott, "The Energy Sector: Still A Giant Economic Engine For The Louisiana Economy-An Update," Louisiana Mid-Continent Oil And Gas Association, 7/10/14)

  • Louisiana Jobs In The Energy Industry Pay As Much As 68 Percent Higher Than The Average Manufacturing Job In the State. "In a study updated in 2014, economist Loren Scott of Baton Rouge said refining jobs pay 68 percent higher than the average manufacturing job in the state: $2,026 a week, compared to the $1,207 weekly average wages." (Ken Stickney, "Bill To Lift Oil Export Ban May Come Late This Month," The Advertiser [Louisiana], 9/18/15)

AS CLINTON HOLDS LOUISIANA'S ECONOMIC GROWTH HOSTAGE, DEMOCRATS SUPPORT LIFTING THE BAN

The U.S. House Of Representatives Will Schedule A Vote On A Bill Lifting The Ban On Crude Oil Exports Within The Next Few Weeks. "House leadership is looking to schedule a vote on a measure lifting the ban on crude oil exports within the next few weeks, The Wall Street Journal reports. House Majority Leader Kevin McCarthy (R-Calif.) will announce the effort during an energy policy speech on Tuesday in Houston." (Devin Henry, "Report: House Leadership Looks To Schedule Vote On Oil Exports," The Hill, 9/15/15)

Senate Minority Leader Harry Reid (D-NV) Has Indicated Democrats Are "Willing To Work Toward A Compromise" To Get The Export Lift Legislation Through. "The effort has attracted broad support among Republicans, and some Senate Democrats, including Senate Minority Leader Harry Reid (D-Nev.), have said they might be willing to work toward a compromise to get the legislation through. Some House Democrats have said the same." (Devin Henry, "Dem Senator Says Deal Can Be Struck To Lift Ban On Oil Exports," The Hill, 9/15/15)

Sen. Heidi Heitkamp (D-ND) Sponsoring The Bill To Lift The Export Ban In The Senate And Is Trying To Pull In More Democratic Support. "Sen. Heidi Heitkamp (D-N.D.), the lead Democratic sponsor of the exports bill, said Tuesday that including renewable energy incentives might bring in more Democrats to support oil exports." (Timothy Cama, "White House Opposes GOP Bill To Lift Oil Exports," The Hill, 9/15/15)

Last Year, Former Louisiana Democrat Senator Mary Landrieu Was Ready To Propose Legislation That Would Lift A Ban On Crude Oil Exports If President Obama Doesn't Take Action. "Sens. Mary Landrieu (D-La.) and Lisa Murkowski (R-Alaska) say they are ready to propose legislation that would lift a decades-old ban on crude oil exports if President Obama doesn't take action." (Laura Barron-Lopez, "Energy Panel's New Power Duo Open To Bill Lifting Crude Export Ban," The Hill, 1/30/14)


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