Oil prices have sunk by nearly two-thirds since summer 2014, and the price of the American benchmark crude fell an additional $1.76, to $36.75, on Wednesday. Global storage is full to the brim, Iranian exports are about to hit the market and global trade is slowing, so few experts see a big expansion of markets anytime over the next year at least.But for oil executives, the deal was the culmination of a long-sought goal, even if it will take time to help them much.“It will mean more jobs, more drilling,” said Scott Sheffield, chief executive of Pioneer Natural Resources, which is based in Texas. Mr. Sheffield, a leading advocate for lifting the ban, added: “That helps the entire economy, energy security, it helps with our allies, it will help our trade balance. To me, it’s very, very big.”
Oil executives and other experts also said that the repeal would open new markets for American oil in Mexico, South Korea, Japan and China over the next several years, easing those countries’ dependence on unstable supplies from the Middle East, North Africa and Russia.And most immediately, lifting the ban should give some American oil companies a few modest new markets and a bit of extra flexibility that might be the difference between shutting off some production in places like Texas and North Dakota and eking out a bit of cash to keep the taps on.Connecting U.S. oil production to global markets will have immediate national security impacts,” said David Goldwyn, who was the top energy diplomat in the State Department during the first Obama administration, “and as the market recovers it will enable struggling American companies to meet rising demand.
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