Integration Of US And Europe Energy Markets: TTIP And Global Energy Trading Projection
Shale gas revolution has been driving US energy market by increasing economic and industrial competitiveness. Today, shale gas has gained acceptance as "bonanza" which triggered slump in gas prices and sparked off widening the energy gap between US and Europe. US gas export is forecasted to be mounted up 6 billion cubic feet per day signifying UK's daily demand in winter as of 2020. At this stage, a potential oil and gas trade between US and EU will become an inevitable pace for world energy supply-demand balance.
Transatlantic Trade and Investment Partnership (TTIP) will enable to access to US oil and gas markets which will likely to decrease dependency on Russian gas in EU zone. Hence, TTIP may become an epoch-making agreement in terms of US energy export policy and EU gas import dependency . Hence, EU proposes a binding agreement covering crude oil and gas trade licensing procedures which will be ensured by modifying US longstanding energy legislation and provide automatic license approval for energy export to EU.
US Oil & Gas Export Regulatory Framework
Companies shall obtain two types of federal licences: Department of Energy ("DOE") must grant an export permit and also a facilities permission shall be obtained from Federal Energy Regulation Commission ("FERC"). In case of gas exports to countries which has signed a free trade agreement ("FTA") accordance with public interest is adequate to attain licenses. Notwithstanding that as to whether export gas to non-FTA countries will be determined by DOE which shall be parallel public interest. As of 2013, 26 projects have received permission for LNG gas exports to FTA countries whereas merely 4 projects have obtained approval for non-FTA countries. As the world's leader energy producer, US must ease its restrictions on energy trading by reason of having a corner on the global energy trading.
US crude...
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