The U.S. should pursue crude oil exports because of the worldwide refining market structure, said Marvin Odum, president of Shell Oil. It is senseless to replicate billions of dollars in global refining capacity investments, he said. "So if you have a tremendous amount of light oil coming on-stream in North America, and there is a better place to refine that without having to rebuild refining infrastructure, some of that will make sense, at least for a period of time," Odum added.

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