Scott Key, President and CEO of IHS, began IHS Energy CERAWeek 2014 by welcoming delegates to "what will be an incredible energy week."

Mr. Key emphasized how pleased IHS is to have the world's energy leaders here to engage in a dialogue on the rapidly changing competitive landscape facing the energy industry.Lisa Murkowski, US Senator from Alaska and Ranking Member of the Senate Energy Committee, began her keynote address, "US Energy Policy Crossroads" by reviewing the state of the industry today.

Sen. Murkowski noted that on an aggregate supply-demand basis, the United States is rapidly approaching a self-sufficiency rate of 90%. She stressed the fact that energy, long considered a strategic liability, is now among the nation's strategic assets. In emphasizing the importance of revising current energy policies, Sen. Murkowski stated that "American engagement within the international system is imperative if we want to optimize the American energy renaissance and its benefits across the globe."

Sen. Murkowski pointed out that aside from the economic benefits, more energy available in the global markets creates a supply condition in world oil markets that allows the United States "to deal with bad actors from a position of strength."Sen. Murkowski laid out her three-step plan for renovating US energy policy, specifically with regard to crude oil exports.

As step one, Sen. Murkowski called upon the Bureau of Industry and Security within the Department of Commerce to modify the existing definitions of condensates used in the Short Supply Controls to allow for full exports of all condensates. Next, Sen. Murkowski announced that she will be submitting a request to the Energy Information Administration for an economic analysis of the potential impacts of authorizing exports of crude oil. This economic analysis leads to the final step, a call for the Obama Administration to make an executive finding allowing exports; in Sen. Murkowski's view, this is a more efficient method than through trade agreements or legislative action, and she pointed to her recent paper Past Is Precedent that highlights the statutes giving the executive office this power.

Sen. Murkowski ended her address with a hopeful note given the clear path she has laid out and the existing authority granted the president that "past is precedent and I would certainly hope that it is prologue."A question and answer session followed in which Mr. Key and Sen. Murkowski discussed the importance of executive action on the issue of crude oil exports as the legislative route would be an extended one given upcoming elections. In response to a question on how she saw the conversation progressing, Sen. Murkowski emphasized the importance of public engagement and awareness of the benefits of allowing energy exports.

This article was published by S&P Global Commodity Insights and not by S&P Global Ratings, which is a separately managed division of S&P Global.