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Venezuela Oil Sector Sanctions: Market and Trade Impacts [Updated February 11, 2019]
"On January 28, 2019, the Trump Administration imposed sanctions on Venezuela's state-owned oil company, Petroleos de Venezuela, S.A. (PdVSA), adding to existing Venezuela sanctions. The Department of the Treasury determined that persons (e.g., individuals and companies) operating in Venezuela's oil sector are subject to sanctions in order to apply economic pressure on the government of Nicolas Maduro and facilitate a transition to democracy. Subsequently, Treasury's Office of Foreign Assets Control (OFAC) added PdVSA--including all entities in which PdVSA has a 50% or more ownership position--to its Specifically Designated Nationals (SDN) list."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy)
2019-02-11
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21st Century U.S. Energy Sources: A Primer [November 5, 2018]
"Since the start of the 21st century, the U.S. energy system has seen tremendous changes. Technological advances in energy production have driven changes in energy consumption, and the United States has moved from being a growing net importer of most forms of energy to a declining importer--and possibly a net exporter in the near future. The United States remains the second largest producer and consumer of energy in the world, behind China. The U.S. oil and natural gas industry has gone through a 'renaissance' of production. Technological improvements in hydraulic fracturing and horizontal drilling have unlocked enormous oil and natural gas resources from unconventional formations, such as shale. Oil has surpassed levels of production not seen since the 1970s. Natural gas has set new production records almost every year since 2000. In conjunction with the rise in oil and natural gas production, U.S. production of natural gas liquids has also increased. The rise in production of these fuel sources has also corresponded with increased consumption and exports of each."
Library of Congress. Congressional Research Service
Ratner, Michael; Bracmort, Kelsi; Brown, Phillip (Specialist in Energy Policy) . . .
2018-11-05
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No Oil Producing and Exporting Cartels (NOPEC) Act of 2019 [April 22, 2019]
From the Document: "Since the beginning of the oil industry, there have been multiple periods when a supply manager has influenced production and price levels. Generally, a supply manager has the capacity to adjust production rapidly in order to respond to changing market conditions. The limited ability of oil production and consumption to adjust in the short term, coupled with long development cycles for most oil production assets, a desire for price stability, and volatile price movements when the market is imbalanced by as little as 1% to 2% are some stated justifications for supply management. In the past, the Standard Oil Company, the Texas Railroad Commission, and international oil companies have functioned as supply managers. Today, the 14-member Organization of the Petroleum Exporting Countries (OPEC)--representing approximately 40% of the nearly 100 million barrels per day (mbpd) of world liquid fuels supply (see Figure 1)--makes crude oil production decisions that can affect global petroleum prices."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy)
2019-04-22
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New U.S. Sanctions on Venezuela [September 5, 2019]
From the Document: "In August 2019, the Trump Administration expanded Venezuela-related sanctions by blocking all assets and interests of the Nicolás Maduro government in the United States. It also authorized sanctions against those who materially support the Maduro government or others already designated for sanctions, with exemptions for humanitarian aid."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Brown, Phillip (Specialist in Energy Policy); Nelson, Rebecca M.
2019-09-05
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Venezuela: Background and U.S. Relations [Updated March 12, 2020]
From the Document: "Venezuela remains in a deep crisis under the authoritarian rule of Nicolás Maduro of the United Socialist Party of Venezuela. Maduro, narrowly elected in 2013 after the death of Hugo Chávez (president, 1999-2013), began a second term on January 10, 2019, that is widely considered illegitimate. Since January 2019, Juan Guaidó, president of Venezuela's democratically elected, opposition-controlled National Assembly, has sought to form a transition government to serve until internationally observed elections can be held. The United States and 57 other countries recognize Guaidó as interim president, but he has been unable to wrest Maduro from power and has faced increased danger since returning home from a January-February 2020 tour, which included a meeting with President Trump. Some observers believe that National Assembly elections due this year might start an electoral path out of the current stalemate."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Brown, Phillip (Specialist in Energy Policy); Margesson, Rhoda . . .
2020-03-12
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'The Strategic Petroleum Reserve,' Statement of Phillip Brown Specialist in Energy Policy Before Committee on Energy and Natural Resources U.S. Senate [October 17, 2019]
From the Document: "In response to the 1973 Organization of Arab Petroleum Exporting Countries (OAPEC) embargo on oil shipments to the United States, an event that contributed to rapidly escalating oil prices and petroleum product scarcity, the Energy Policy and Conservation Act (EPCA, P.L. 94-163) was enacted in December 1975. EPCA authorized the creation of the SPR [Strategic Petroleum Reserve] to hold reserves of up to 1 billion barrels of petroleum products, among other provisions. [...] With relatively little SPR utilization in response to emergency global supply disruptions (for example, in response to instability and oil supply disruptions in Libya in 2011); limited, although more frequent, oil exchanges in response to domestic supply disruptions due to hurricanes and other circumstances (most recently in 2017 after Hurricane Harvey); and decreasing U.S. net petroleum (crude oil and products) imports, Congress has recently enacted legislation that requires SPR oil to be sold in order to fund other legislative priorities."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy)
2019-10-17
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Oil Market Effects from U.S. Economic Sanctions: Iran, Russia, Venezuela [February 5, 2020]
From the Document: "Economic sanctions imposed by the United States--through enacted legislation and executive action--on Iran, Russia, and Venezuela aim to pressure the ruling governments to change their behavior and policies. Currently, these sanctions aim to either eliminate (Iran) or restrict (Venezuela) crude oil trade of as much as 3.3 million to 4.0 million barrels per day (bpd), roughly 3%-4% of global petroleum supply. Estimated oil production volumes affected to date have been approximately 1.7 million bpd from Iran. Venezuela oil production has also likely been affected, although accurately quantifying volumes is difficult due to monthly oil production declines over a period of years prior to U.S. sanctions affecting oil trade in January 2019. Sanctions imposed on Russia's oil sector generally target longer-term oil production and to date have not reduced Russian oil supply or trade. Oil production in Russia has increased since oil-sector sanctions began in 2014, although the country has arguably incurred economic costs in order to incentivize and support oil output levels."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy)
2020-02-05
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Venezuela: Background and U.S. Relations [June 27, 2018]
"Venezuela remains in a deep political crisis under the authoritarian rule of President Nicolás Maduro of the United Socialist Party of Venezuela (PSUV). On May 20, 2018, Maduro defeated Henri Falcón, a former governor, in a presidential election boycotted by the Democratic Unity Roundtable (MUD) of opposition parties and dismissed by the United States, the European Union, and 18 Western Hemisphere countries as illegitimate. Maduro, who was narrowly elected in 2013 after the death of President Hugo Chávez (1999-2013), is unpopular. Nevertheless, he has used the courts, security forces, and electoral council to repress the opposition."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Nelson, Rebecca M.; Brown, Phillip (Specialist in Energy Policy) . . .
2018-06-27
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Venezuela: Background and U.S. Relations [Updated November 7, 2019]
From the Document: "Venezuela remains in a deep crisis under the authoritarian rule of Nicolás Maduro of the United Socialist Party of Venezuela. Maduro, narrowly elected in 2013 after the death of Hugo Chávez (president, 1999-2013), began a second term on January 10, 2019, that most Venezuelans and much of the international community consider illegitimate. Since January, Juan Guaidó, president of Venezuela's democratically elected, opposition-controlled National Assembly, has sought to form an interim government to serve until internationally observed elections can be held. Although the United States and 56 other countries recognize Guaidó as interim president, he has been unable to wrest Maduro from power. With Norway-backed negotiations between Maduro and Guaidó suspended, prospects for a negotiated solution to the crisis are uncertain. Venezuela's economy has collapsed. The country is plagued by hyperinflation, severe shortages of food and medicine, and electricity blackouts that have worsened an already dire humanitarian crisis. In April 2019, United Nations officials estimated that some 90% of Venezuelans are living in poverty. Maduro has blamed U.S. sanctions for these problems, but most observers cite economic mismanagement and corruption for the crisis. U.N. agencies estimate that 4.5 million Venezuelans had fled the country as of October 2019, primarily to Latin American and Caribbean countries."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Brown, Phillip (Specialist in Energy Policy); Margesson, Rhoda . . .
2019-11-07
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Venezuela: Background and U.S. Relations [Updated June 4, 2019]
From the Summary: "Venezuela remains in a deep political and economic crisis under the authoritarian rule of Nicolás Maduro of the United Socialist Party of Venezuela. Maduro, narrowly elected in 2013 after the death of Hugo Chávez (president, 1999-2013), began a second term on January 10, 2019, that most Venezuelans and much of the international community consider illegitimate. Since January, Juan Guaidó, president of Venezuela's democratically elected, opposition-controlled National Assembly, has sought to form an interim government to serve until internationally observed elections can be held. Although the United States and 53 other countries recognize Guaidó as interim president, the military high command, supported by Russia and Cuba, has remained loyal to Maduro. Venezuela is in a political stalemate as conditions in the country deteriorate. Venezuela's economy has collapsed. It is plagued by hyperinflation, severe shortages of food and medicine, and electricity blackouts that have worsened an already dire humanitarian crisis. In April 2019, United Nations officials estimated that some 90% of Venezuelans are living in poverty and 7 million need humanitarian assistance. Maduro has blamed U.S. sanctions for these problems, but most observers cite economic mismanagement and corruption under Chávez and Maduro for the current crisis. U.N. agencies estimate that 3.7 million Venezuelans had fled the country as of March 2019, primarily to other Latin American and Caribbean countries."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Nelson, Rebecca M.; Brown, Phillip (Specialist in Energy Policy) . . .
2019-06-04
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Venezuela: Background and U.S. Relations [Updated April 28, 2021]
From the Summary: "The crisis in Venezuela has deepened under the authoritarian rule of Nicolás Maduro, who has consolidated power despite presiding over a dire economic and humanitarian crisis worsened by the Coronavirus Disease 2019 (COVID-19) pandemic. Maduro, narrowly elected in 2013 after the death of Hugo Chávez (president, 1999-2013), and the United Socialist Party of Venezuela (PSUV) took de facto control of the National Assembly, the last independent branch of government, in January 2021. Maduro has resisted U.S. and international pressure to step down and an opposition led by Juan Guaidó, the National Assembly president elected in 2015 and once regarded as interim president by nearly 60 countries. Venezuela's economy has collapsed. The country is plagued by hyperinflation, severe shortages of food and medicine, and a dire humanitarian crisis that has further deteriorated as a result of gasoline shortages, COVID-19, and U.S. sanctions. Maduro has blamed sanctions for the economic crisis, but many observers cite economic mismanagement and corruption as the main factors. U.N. agencies estimate 5.6 million Venezuelans have fled the country as of April 2021."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Nelson, Rebecca M.; Margesson, Rhoda . . .
2021-04-28
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United States and Saudi Arabia Energy Relations [November 19, 2018]
"Following the murder of journalist Jamal Khashoggi at a Saudi Arabia consulate in Istanbul, Turkey, some Members of Congress have expressed interest in taking action against Saudi Arabia for its apparent role. The purpose of this In Focus is to provide a non-comprehensive overview of the U.S.-Saudi Arabia energy relationship that dates back to at least 1933, when Saudi Arabia granted an oil concession to Standard Oil Company of California (now Chevron). Since then, this relationship has witnessed the creation--founded by U.S. oil companies--of the Arabian American Oil Company (Aramco), nationalization and ownership transfer of Aramco to Saudi Arabia (renamed Saudi Aramco), a Saudi-supported embargo of crude oil shipments to the United States, and various periods of energy cooperation. Today, the U.S.-Saudi energy relationship includes interests within three general categories: (1)energy trade, (2) business operations, and (3) global petroleum prices."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy); Pirog, Robert L.
2018-11-19
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Financial Challenges of Operating Nuclear Power Plants in the United States [Updated December 14, 2016]
From the Document: "This report provides background on the evolution of nuclear power in the United States, discusses recent and announced plant closures, explains the economic conditions creating financial challenges for merchant nuclear power plants, and presents policy considerations associated with the future of existing nuclear power plants."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy); Holt, Mark
2016-12-14
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Powering Africa: Challenges of and U.S. Aid for Electrification in Africa [September 14, 2015]
"The largest infrastructure deficit in sub-Saharan Africa, a region mostly made up of low income developing countries, is in the power sector, according to the World Bank. Rates of access to electricity in Africa are very low by global standards, notably in rural areas. About 57% of Africans, or about 621 million people, lack access to electricity (also referred to as 'power' in this report). Whether measured in terms of generation and distribution capacity, electricity consumption, or security of supply, Africa's power sector delivers a fraction of the service needed or found elsewhere in the developing world. Power consumption is a tenth of that found elsewhere in the developing world, and per capita access is gradually falling, because new power infrastructure construction has not kept up with growing populations and electricity demands. The contrast between Africa and the developed world with respect to power capacities is particularly stark. Africa has a generation capacity of about 106 megawatts (MW) per million people, while that of the United States was about 3,320 megawatts MW per million people."
Library of Congress. Congressional Research Service
Cook, Nicolas; Campbell, Richard J.; Brown, Phillip (Specialist in Energy Policy) . . .
2015-09-14
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Strategic Petroleum Reserve: Recent Developments [Updated May 26, 2020]
From the Document: "Established through enacted legislation in 1975 (P.L. 94-163), the U.S. Strategic Petroleum Reserve (SPR, 42 U.S.C. §6231 et seq.) was created to reduce the impact of petroleum supply disruptions and to carry out obligations under the International Energy Program (IEP, a multilateral treaty--25 UST 1685--that requires signatories to maintain emergency petroleum reserves). The SPR is authorized to hold up to 1 billion barrels of petroleum products. Physical storage capacity is currently 714 million barrels of crude oil and SPR inventories were 635 million barrels as of April 17, 2020. As U.S. net petroleum imports started declining in the mid-2000s, IEP reserve volume requirements declined as well. As a result, Congress began selling SPR crude oil to pay for other legislative priorities. Since 2015, Congress has enacted seven laws that mandate the sale of 271 million barrels of SPR crude during the period of fiscal year (FY) 2017 through FY2028. Additionally, Congress has authorized SPR oil sales up to $2 billion to pay for SPR facility modernization."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy)
2020-05-26
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Low Oil Prices May Trigger Certain Tax Benefits, but Not Others [May 11, 2020]
From the Document: "Benchmark crude oil prices--such as U.S. West Texas Intermediate (WTI)--have steeply declined since January 2020. Oil market oversupply, the result of COVID-19 [coronavirus disease 2019] travel restrictions and increased global supply levels in March and April, has exerted downward pressure on prices. Although the duration of low oil prices is uncertain, price levels for the remainder of 2020 may largely be a function of demand recovery, supply adjustments, and return to a balanced market. Energy Information Administration (EIA) price forecasts, as of April 2020, indicate that WTI spot prices may average just over $29 per barrel during calendar year 2020, less than half the price at the beginning of the year. Some federal oil production tax incentives are triggered when a reference price of crude oil--estimated and published annually by the Internal Revenue Service (IRS)--drops below a statutory oil price level. The reference price is an 'estimate of the annual average wellhead price per barrel for all domestic crude oil the price of which is not subject to regulation.'"
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Brown, Phillip (Specialist in Energy Policy)
2020-05-11
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Low Oil Prices: Prospects for Global Oil Market Balance [Updated April 17, 2020]
From the Document: "Reduced travel, slowing economic activity, and petroleum-product demand suppression related to the COVID-19 [coronavirus disease 2019] outbreak, combined with announced plans to increase crude oil supplies, created expectations of an imbalanced and significantly oversupplied near-term petroleum market. Oversupply expectations have contributed to oil prices declining nearly 60% since January. Some regional oil prices have been less than $10 per barrel. While low oil prices are generally positive for consumers, current price levels are causing financial stress for the U.S. oil sector and several policy options could be explored that might provide some degree of relief."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy)
2020-04-17
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Strategic Petroleum Reserve: Recent Developments [Updated May 12, 2020]
From the Document: "Established through enacted legislation in 1975 (P.L. 94-163), the U.S. Strategic Petroleum Reserve (SPR, 42 U.S.C. §6231 et seq.) was created to reduce the impact of petroleum supply disruptions and to carry out obligations under the International Energy Program (IEP, a multilateral treaty--25 UST 1685--that requires signatories to maintain emergency petroleum reserves). The SPR is authorized to hold up to 1 billion barrels of petroleum products. Physical storage capacity is currently 714 million barrels of crude oil and SPR inventories were 635 million barrels as of April 17, 2020. As U.S. net petroleum imports started declining in the mid-2000s, IEP reserve volume requirements declined as well. As a result, Congress began selling SPR crude oil to pay for other legislative priorities. Since 2015, Congress has enacted seven laws that mandate the sale of 271 million barrels of SPR crude during the period of fiscal year (FY) 2017 through FY2028. Additionally, Congress has authorized SPR oil sales up to $2 billion to pay for SPR facility modernization. Steep and rapid oil price declines in early March motivated suspension of an FY2020 modernization sale. As oil market oversupply increased and prices continued declining, using the SPR to provide some degree of relief to the U.S. oil sector is one policy option that has been explored."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy)
2020-05-12
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Cross-Border Energy Trade in North America: Present and Potential [January 24, 2017]
"The United States, Canada, and Mexico in many ways comprise one large, integrated market for energy commodities. [...] Altogether, the value of the energy trade between the United States and its North American neighbors exceeded $140 billion in 2015, with over $100 billion in U.S. energy imports and over $40 billion in exports. The United States' energy trade relationships with Canada and Mexico are increasingly complex. They have been undergoing fundamental change in recent years--largely due to technological advancements in the petroleum and natural gas sectors creating new competition for energy supplies and new market interconnections. Consequently, while energy policies in one country have inevitably affected the others, their cross-cutting effects in the future are difficult to predict. Nonetheless, a review of the recent trade data highlights several key market developments. [...] To date, Congress has favored a growing North American energy partnership--but ensuring that this partnership continues to be as mutually beneficial as possible will likely remain a key oversight challenge for the next decades. Congress has been facing important policy questions in the U.S.-Canada and U.S.-Mexico energy contexts on several fronts, including the siting of major cross-border pipelines, increasing petroleum supplies from Canadian oil sands, exporting natural gas production from United States' shales, and meeting commitments to increase renewable energy supplies and reduce atmospheric emissions of greenhouse gases. Legislative proposals in the 115th Congress could directly influence these developments."
Library of Congress. Congressional Research Service
Parfomak, Paul W.; Campbell, Richard J.; Pirog, Robert L. . . .
2017-01-24
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U.S. Crude Oil Exports to International Destinations [January 30, 2017]
"On December 18, 2015, Congress passed H.R. 2029--the Consolidated Appropriations Act, 2016--which was signed into law as P.L. [Public Law] 114-113. A provision contained in P.L. 114-113 repealed a 40-year prohibition, with exceptions, on the export of crude oil produced in the United States. Removing this prohibition and its associated restrictions provides producers, shippers, and traders with options to market and sell crude oil internationally. Prior to the removal of export restrictions, exceptions resulted in approximately 500,000 barrels per day of crude oil exports--nearly all to Canada-- during 2015. Since the export prohibition was repealed, industry trade data indicate that crude oil has been exported to destinations that were previously not allowed. Monthly export volumes to these international markets have fluctuated but reached their highest levels in September 2016."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy)
2017-01-30
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U.S. Petroleum Trade with Venezuela: Financial and Economic Considerations Associated with Possible Sanctions [July 27, 2017]
"The political crisis in Venezuela is at a pivotal point 'See CRS Report R44841, Venezuela: Background and U.S. Policy.' President Nicolas Maduro is convening elections on July 30 for delegates to a constituent assembly to rewrite the country's constitution and possibly dismantle the legislative branch. On July 17, 2017, President Donald Trump issued a statement that declared that 'the United States will take strong and swift economic actions' if the assembly elections occur. Those actions reportedly could include sanctions on Venezuela's energy sector, which generates 95% of its export earnings. While there are humanitarian and political risks of implementing sanctions on Venezuela, this insight explores economic considerations of potential petroleum sector sanctions."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy); Seelke, Clare Ribando
2017-07-27
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OPEC and Non-OPEC Crude Oil Production Agreement: Compliance Status [May 17, 2017]
"Recently, the global oil market has been oversupplied. According to the Energy Information Administration (EIA), except for the third quarter of 2016, oil production exceeded consumption since the third quarter of 2014. As a result, commercial stocks of crude oil and petroleum liquids have been at five-year highs and there has been downward pressure on benchmark (e.g., West Texas Intermediate, or WTI, and Brent) crude oil prices […] OPEC's production decision and the resulting price declines were interpreted by some to be anti-competitive and a targeted effort to put price pressure on U.S. tight (shale) oil producers, which had steadily increased production since 2008 and contributed to the oversupply situation […] On November 30, 2016, in an effort to address low prices and global oversupply, OPEC announced an agreement (the 'Vienna Agreement') under which the organization would reduce crude oil production by 1.2 million barrels per day (bpd) from October 2016 levels for an initial six months starting January 2017. OPEC also indicated its plans to 'institutionalize a framework' with non-OPEC countries to manage crude oil production levels. On December 10, 2016, OPEC announced that a group of 11 countries had joined the Vienna Agreement and had committed to reduce oil production by 558,000 bpd."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy)
2017-05-17
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OPEC and Non-OPEC Crude Oil Production Agreement: Compliance Status [November 16, 2017]
"On November 30, 2016--in an effort to stabilize declining oil prices--the Organization of the Petroleum Exporting Countries (OPEC) announced an agreement whereby 11 of the thenactive 13 members would reduce crude oil production by approximately 1.2 million barrels per day (bpd) for six months starting January 1, 2017. On December 10, 2016, OPEC announced that 11 non-OPEC countries, led by Russia, had joined the agreement by pledging to further reduce oil production by 558,000 bpd. This 'Declaration of Cooperation' to collectively reduce oil production by approximately 1.8 million bpd was extended for nine additional months and is currently in effect through March 31, 2018. [...] For the period January 2017 through September 2017, OPEC and non-OPEC countries party to the production agreement were, as a group, 98% compliant with the production target. [...] Generally, compliance with the 'Declaration of Cooperation' appears to have achieved the stated goals of normalizing the supply/demand balance as well as reducing global petroleum stocks. [...] On November 30, 2017, OPEC is to hold its 173rd meeting in Vienna, Austria. One agenda item being closely monitored by oil market analysts is a potential OPEC/non-OPEC decision to extend, enhance, or unwind the production agreement that is currently set to expire on March 31, 2018."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy)
2017-11-16
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OPEC and Non-OPEC Crude Oil Production Agreement: Compliance Status [April 26, 2018]
"On November 30, 2016-in an effort to stabilize declining oil prices-the Organization of the Petroleum Exporting Countries (OPEC) announced an agreement whereby 11 of the then-active 13 members would reduce crude oil production by approximately 1.2 million barrels per day (bpd) for 6 months starting January 1, 2017. On December 10,
2016, OPEC announced that 11 non-OPEC countries, led by Russia, had joined the agreement by pledging to further reduce oil production by 558,000 bpd. This 'Declaration of Cooperation' to collectively reduce oil production by approximately 1.7 million bpd has been extended twice and is currently in effect through December 2018. [...] For the period January 2017 through March 2018, OPEC and non-OPEC countries party to the production agreement were, as a group, 112% compliant with the production targets. Generally, compliance with the Declaration of Cooperation appears to be achieving the stated goals of eliminating excess production as well as reducing global petroleum stocks. [...] On June 22, 2018, OPEC is to hold its 174th meeting in Vienna, Austria. One agenda item being closely monitored is a potential OPEC/non-OPEC decision to maintain, extend, enhance, or unwind the production agreement that is set to expire on December 31, 2018."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy)
2018-04-28
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European Union Wind and Solar Electricity Policies: Overview and Considerations [August 7, 2013]
"The subject matter covered within this report is European Union (EU) renewable electricity generation--specifically onshore wind and solar photovoltaic (PV) electricity--and does not include discussion about the broader renewable energy sector (i.e., alternative transportation fuels, heating/cooling, and energy efficiency). Onshore wind and solar PV were selected as they have experienced the largest amounts of deployment in the EU to date. European Union energy policy is complex and multi-dimensional. Furthermore, each of the 28 member countries has a unique set of policies and incentives that add further complexity to the policy structure. It is beyond the scope of this report to provide a comprehensive overview and analysis of all energy polices at the EU and member-country level. Rather, the scope of this report is designed to focus on certain aspects of energy policy at the EU-level and for three specific countries--Germany, Spain, and Italy. However, other EU members have implemented renewable electricity support policies with various designs and objectives. Finally, renewable electricity policies for three specific EU member countries provide a country-level comparison of the unique policy types, implementation strategies, and financial mechanics used by different EU members. Germany, Spain, and Italy were selected for further review based on the amount of onshore wind and solar PV deployment in these countries."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy)
2013-08-07
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Production Tax Credit Incentives for Renewable Electricity: Financial Comparison of Selected Policy Options [December 20, 2013]
"Under current law, the production tax credit (PTC) incentive for renewable electricity will expire at the end of 2013. Generally, congressional debate about the PTC falls within a spectrum of options. At one end of the spectrum, proposals have been made to eliminate the incentive. At the other end of the spectrum, proposals include making the PTC permanent. Other proposals, such as temporarily extending and phasing out the PTC over time, fall within these two extremes. This report examines selected alternatives for phasing out PTC incentives. [...] In December 2012, the American Wind Energy Association published a PTC phase out proposal that would result in the PTC being eliminated by 2019. Debate about energy subsidies is multi-faceted. Different energy sources receive different types of subsidy support over varying time periods. Comparing tax incentives and subsidies across all energy types is beyond the scope of this report. This report examines and considers possible options for renewable electricity PTCs, with a focus on phase-out alternatives. Generally, the goal of a tax credit phase-out approach is to reduce the incentive value over a period of time in order to encourage industry to reduce costs so that certain renewable power technologies might compete on an unsubsidized basis. [...] A detailed examination and analysis of this 'market-linked' phase-out approach is included in this report. Each phase-out approach differs in terms of complexity, implementation, and potential impacts to renewable electricity deployment."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy)
2013-12-20
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U.S. Crude Oil Export Policy: Background and Considerations [March 26, 2014]
"During an era of oil price controls and following the 1973 Organization of Arab Petroleum Exporting Countries oil embargo, Congress passed the Energy Policy and Conservation Act of 1975 (EPCA), which directs the President 'to promulgate a rule prohibiting the export of crude oil' produced in the United States. Crude oil export restrictions are codified in the Export Administration Regulations administered by the Bureau of Industry and Security (BIS)--a Commerce Department agency. The President has some powers to allow certain crude oil exports if an exemption is determined to be in the national interest. In 2009, a decades-long U.S. oil production decline was reversed due to the application of advanced drilling and extraction technologies to produce tight oil. The Energy Information Administration (EIA) 2014 reference case projects that total U.S. crude production will be 9.6 million barrels per day by 2019--up from 7.7 million in 2013. Nearly all of this growth is expected to come from tight oil production. This anticipated growth is resulting in calls to lift or otherwise ease U.S. crude oil export restrictions. However, crude oil imports are projected to range from 6 million to nearly 8 million barrels per day for the period out to 2040. This apparent disconnect between import needs and the desire to export can be explained when considering the following: (1) geographic location of tight oil, (2) tight oil quality characteristics, (3) refinery configurations, (4) oil transportation network, and (5) price discounts in different regions."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy); Pirog, Robert L.; Vann, Adam . . .
2014-03-26
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Powering Africa: Challenges of and U.S. Aid for Electrification in Africa [August 17, 2015]
"The largest infrastructure deficit in sub-Saharan Africa, a region mostly made up of low income developing countries, is in the power sector, according to the World Bank. Rates of access to electricity in Africa are very low by global standards, notably in rural areas. About 57% of Africans, or about 621 million people, lack access to electricity (also referred to as 'power' in this report). Whether measured in terms of generation and distribution capacity, electricity consumption, or security of supply, Africa's power sector delivers a fraction of the service needed or found elsewhere in the developing world. Power consumption is a tenth of that found elsewhere in the developing world, and per capita access is gradually falling, because new power infrastructure construction has not kept up with growing populations and electricity demands. The contrast between Africa and the developed world with respect to power capacities is particularly stark. Africa has a generation capacity of about 106 megawatts (MW) per million people, while that of the United States was about 3,320 megawatts MW per million people The lack of power constrains development in the region in multiple ways: It limits economic production, growth, and commerce; undermines human resource development and hinders improved quality of life potentials; and limits the quality of social services and public safety. It also spurs the use of alternative, often highly polluting biomass energy sources (e.g., wood and charcoal) for cooking and lighting. Estimates of African power requirements and the corresponding need for financing vary widely, but are invariably high. The U.S. Agency for International Development (USAID) reports that about $15 to $20 billion in annual investment through 2030 may be needed to achieve universal access to electricity, a figure roughly in line with a 2012 International Energy Agency (IEA) estimate."
Library of Congress. Congressional Research Service
Cook, Nicolas; Campbell, Richard J.; Brown, Phillip (Specialist in Energy Policy) . . .
2015-08-17
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U.S. Crude Oil Exports to International Destinations [April 6, 2016]
"On December 18, 2015, Congress passed H.R. 2029 [House Resolution]--the Consolidated Appropriations Act, 2016--which was enacted and became P.L. 114-113 [Public Law]. A provision contained in P.L. 114-113 repealed a 40-year prohibition on the export of crude oil produced in the United States. [...] Removing this prohibition and its associated restrictions provides producers, shippers, and traders with more options to market and sell crude oil to international markets when market conditions support such transactions. Prior to removing export restrictions, exemptions resulted in approximately 500,000 barrels per day of crude oil exported--nearly all to Canada--during 2015. Since the export prohibition was repealed, Energy Information Administration (EIA) data indicate that U.S. crude oil export volumes declined, although industry trade data indicate that crude oil has been exported to destinations that were previously not allowed and monthly export volumes to these international markets have increased steadily since the restrictions were removed."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy)
2016-04-06
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U.S. Crude Oil Export Policy: Background and Considerations [December 31, 2014]
"Congress may choose to consider crude oil export policy options that could range from maintaining existing restrictions to eliminating the prohibition on crude oil exports. During the 113th Congress, four bills were introduced that would have eliminated crude oil export restrictions: H.R. 4286, H.R. 4349, S. 2170, and H.R. 5814. Some Members of Congress have expressed the desire to maintain crude oil restrictions. However, maintaining restrictions might not prevent more crude-oil-like material from being exported, because varying interpretations of existing regulations may allow for more exports. The crude oil definition in the export regulations is open to interpretation and has many undefined terms that the industry may explore with the objective of determining the minimum amount of crude oil processing necessary that would result in an exportable product. It is not clear how broadly or narrowly BIS [Bureau of Industry and Security] might interpret existing laws and regulations. Finally, Congress may choose to explore other options between eliminating and maintaining restrictions. Examples may include allowing exports of lease condensate--an ultralight hydrocarbon that is typically produced with natural gas--allowing unrestricted exports to Mexico since exports to Canada are not restricted, allowing a certain type of crude (i.e., light/sweet) from a certain location (i.e., Texas) to be exported--much like the California heavy crude oil export exemption--or allowing crude oil exports for a limited time period since U.S. oil production growth is uncertain and may, according to the Energy Information Administration, peak in 2020."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy); Pirog, Robert L.; Vann, Adam . . .
2014-12-31
