OVERNIGHT ENERGY: Would oil exports help lower gas prices?

CRUDE OIL: The Government Accountability Office thinks so.

In a report released Monday, the GAO said lifting the decades-old ban on crude oil exports could mean cheaper gas prices at the pump for consumers.

ADVERTISEMENT

That’s not all. The GAO also said repealing the ban would “increase the size of the economy” and boost domestic oil production.

The GAO admitted, however, that more crude oil production may pose a risk to the quality and quantity of surface groundwater sources, increase greenhouse gas emissions and the threat of spills during transportation of the product.

Read more here.

OIL PRICE: Last week, oil prices took a tumble and raised questions about the U.S. oil boom, and quest for energy independence.

Energy experts warned that if the domestic crude price continues to fall and is unable to match international crude then there could be a “pretty big disruption” for production in the U.S.

Read more here.

On Monday... the international Brent crude oil price fell again after rebounding on Friday. The drop is due to speculation that the Organization of Petroleum Exporting Countries (OPEC) will not cut production.

Read more here.

TUESDAY'S AGENDA...

Commerce Secretary Penny Pritzker is leading business meetings in Japan and South Korea centered around the healthcare and energy sectors.

The American Petroleum Institute will release a report titled “Who owns America’s oil and natural gas companies.”

Johns Hopkins University will hold a talk on clean energy across the government and building global partnerships. International economist for the Treasury Department, Jessica Issacs will participate.

NEWS BITES:

Methane regs... The Department of Energy says there is enough evidence to act on methane emissions.

According to the Houston Chronicle, Judi Greenwald, a deputy director of climate, environment and efficiency for the DOE said the U.S. can’t afford to wait to curb methane leaks from oil and gas production.

“We know enough to act,” Greenwald said during a panel discussion Monday. “There are uncertainties about methane emissions — and part of the administration’s strategy is to improve our numbers — but we know enough to take some action, and this problem may be easier to solve than many characterize.”

Tom SteyerThomas (Tom) Fahr SteyerGabbard says she won't participate in next debate even if she qualifies Emanuel jokes: 'I'm a new, mellow Rahm' Booker campaign rakes in million after Harris exits 2020 race MORE... The billionaire environmentalists’ group NextGen Climate contributed $200,000 in July to the American Bridge 21st Century PAC. The Democratic super-PAC was founded by David Brock, a Clinton guru.

While Steyer hasn’t contributed to Ready for Hillary, a super-PAC set up for Hillary Clinton’s possible 2016 presidential run, the donation made in July may be an indication of who Steyer plans on backing come 2016.

AROUND THE WEB:

The Supreme Court rejected an appeal on Monday from 11 Louisiana parishes to revive their cases against BP over wildlife damage from the 2010 Gulf of Mexico oil spill, the Associated Press reports.

The climate chief for the United Nations urged global leaders to “build bridges” ahead of December talks in Peru to put countries on the path to signing an international climate accord, The Guardian reports.

IN CASE YOU MISSED IT:

Check out Monday’s stories...

- EPA takes step in regulating drinking water
- Oil falls on speculation OPEC wont’ cut production
- Rep. Smith demands cost analysis of EPA climate rule
- Report: ISIS oil production worth $800M per year
- Energy conservation standards target fluorescent lamps, water heaters
- DOE hits brakes on efficiency rules
- GAO: Lifting oil export ban would cut gas pries
- Ukraine, Russia reach gas deal

Please send tips and comments to Laura Barron-Lopez, laurab@thehill.com, and Timothy Cama, tcama@thehill.com

Follow us on Twitter: @thehill @lbarronlopez @Timothy_Cama