Democrats Push for Ban on US Oil Exports
As prices soar, U.S. Congressional Democrats are pushing for a ban on exports of American oil to halt the export of any oil that is produced from or transported across US lands.
“This is American oil and it should benefit American consumers, not just Big Oil’s bottom line,” Edward Markey, a Massachusetts Democratic, said during a House Natural Resources Committee hearing in Washington today. “The oil companies and their Republican allies in Congress talk about drilling for more American energy, but their plan is really about more American energy exports.”
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A similar effort was made by Senator Ron Wyden (D) of Oregon, who tried to ban the export of refined products derived from crude carried by TransCanada's Keystone XL pipeline. Meanwhile, Republicans have urged President Obama to explore off the coasts of Virginia and Florida, and build the pipeline from Canada to oil refineries in Texas.
“The Keystone pipeline would set up the United States as a conduit to send Canadian oil to a foreign trade zone,” Markey said.
U.S. Senator Jon Tester (D) has also introduced legislation to bar the export of crude or refined oil carried from the Keystone pipeline in an effort to increase energy security. TransCanada has suggested that the decision to export oil from those refineries and producers would be up to pipeline customers.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.