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Almost four decades ago, in response to the Arab oil embargo and
recession it triggered, Congress passed legislation restricting
crude oil exports and establishing the SPR to release oil to the
market during supply disruptions and protect the U.S. economy from
damage. After decades of generally falling U.S. crude oil
production, technological advances have contributed to increasing
U.S. production. This book examines what is known about price
implications of removing crude oil export restrictions; other key
potential implications; and implications of recent changes in
market conditions on the SPR. This book also discusses and
describes the status of applications to export liquefied natural
gas-natural gas cooled to a liquid state for transport- and the
Department of Energy's process to review them; and the status of
applications to build LNG export facilities and FERC's process to
review them.
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