Export Ban Lifted Back to Blog

Dec 22


  • Created: Mon 7th Jan 2013
  • Erin

Good news for energy producers across the United States, the 40-year-old ban on crude oil exports has been lifted. It was all part of a spending bill signed by President Obama. It’s a big win for political conservatives and the oil industry who have been fighting to lift the ban for nearly two years. The ban was put in place after the Arab oil embargo in the early 1970s, after congress became concerned about US dependence on imported oil. Supporters of lifting the ban say it will increase US oil security and give the country and it’s allies an alternative source of crude. Drillers say it’s an important victory at a time when oil production is facing uncertainty.

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