First Titan Corp. believes the recent U.S. House of Representatives vote to lift the longstanding ban of exports of American crude oil could prove quite beneficial for smaller producers like itself. The company is now intently tracking the legislative scene in Washington and making appropriate strategic plans should the Senate follow the House’s lead and send a final bill to President Obama.
The U.S. banned oil exports 40 years ago during the height of the 1970s oil crisis. The goal was to protect the domestic economy and aid the national push for energy independence. However, with oil prices low and independence nearly achieved, many in the industry and in the political world believe the ban has outlived its usefulness.
Instead of helping the economy, businesses and consumers, the ban is actually hurting all three. One leading economist has predicted lifting the ban will make the market more efficient while another analyst says the ban discourages investments.
“Lifting the ban would greatly help smaller companies like ours because it would give us an expanded marketplace for our oil,” said FTTN CEO Sydney Jim. “Right now, we’re limited in what we can do. With the ban gone, we could easily move oil to places more willing to pay a fair price. Free trade is always good business. The domestic oil and gas industry needs this legislation – it would go a long way to easing the current slump and making us more competitive, as well as greatly aiding our revenue stream.”
First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe. The Company continually seeks to partner with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods and unconventional resources.