Tight oil formations have helped the US increase its crude production dramatically, an independent refiner conceded. But the nation should proceed cautiously as it considers authorizing more crude exports, he told a US House Foreign Affairs Committee subcommittee. “For decades, this country has worked to become energy secure or even energy independent, and now just recently, the expansion of production from both traditional and non-traditional sources has allowed the country to make great progress toward that goal,” said Michael Jennings, chief executive of Houston-based HollyFrontier Corp. , on Apr. 2. Higher US crude production also has reduced refined product costs for consumers, and has mitigated price volatility or prices that historically resulted from geopolitical events, he continued in testimony to the Terrorism, Nonproliferation, and Trade Subcommittee. “Given the great progress made in the last several years and the continued uncertainty in the global marketplace, HollyFrontier does not believe that […]