HOUSTON, Dec. 18, 2015 /PRNewswire/ -- The US House of Representatives and the Senate voted Friday to approve a $1.1 trillion spending bill that would restore exports of crude oil after a 40-year hiatus.
The legislation will also fund the government through September 2016 and contains a provision on tax-extenders. The bill will be sent to President Barack Obama, who has indicated he will sign it into law.
"We will see the demise of the decades-old market distortion that was caused by outdated legislation prohibiting crude exports and was promulgated in a time of energy scarcity and supply disruption," said Greg Haas, Director, Integrated Oil & Gas for Stratas Advisors. "The technology-driven shale era and resultant high crude storage levels around the globe show that today's world, for the present time, is different. A change in US legislation reflects this new reality."
To read recent commentaries on this developing story and its effects on the U.S. and global energy industry, visit StratasAdvisors.com/Insights
Experts Available for Interviews
Stratas Advisors experts are available to answer questions about the global crude oil market and can offer insight as to how this legislative decision will affect the energy industry. For interview opportunities, please contact firstname.lastname@example.org.
Greg Haas, Director, Integrated Oil & Gas – For Stratas Advisors, Haas oversees the segment of the Midstream research practice related to developments in the crude oil, condensate, NGL and natural gas industries, including the North American NGL and North American Oil services. He leverages more than 25 years of integrated global energy experience garnered in operating and fundamental research roles, at pipeline and power consultancies, and in financial and industry analysis. He has master's degrees in business administration and mechanical engineering.
John Kneiss, Director of Macroeconomics, Geopolitics and Policy – Based in Washington, D.C., Kneiss oversees the Executive Suite research practice, including the Executive Dialogue, Geopolitical Risk Outlook, Macroeconomic Outlook and Global Energy Scenarios services. He specializes in governmental affairs, energy policy and the environment and has been an official representative to the American Fuel & Petrochemical Manufacturers association. He has also been recognized by the American Society of Business Publication Editors for editorial excellence. John earned a master's degree in environmental sciences and engineering and a bachelor's degree in biology.
About Stratas Advisors
Stratas Advisors is a global consulting and advisory firm covering the full spectrum of the energy market — upstream, midstream and downstream — and related sectors, such as automotive, transportation, power, petrochemicals and heavy industries. The company also evaluates and assesses the impact of macro-level drivers including geopolitics, macro-economics and energy policies. Experienced Stratas analysts and consultants provide data, analysis and strategic insights to leading businesses, governments and institutions to identify, understand and monitor key drivers that shape future developments. This forward-looking perspective helps clients leverage opportunities, mitigate risks and implement strategies. Stratas Advisors, a Hart Energy company, is based in Houston, Texas and has offices in Brussels and Singapore. For information, visit StratasAdvisors.com
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SOURCE Stratas Advisors