The Commerce Department slightly relaxed the regulations on crude oil exports, allowing two US companies to export condensate….basically a lighter grade of oil that doesn’t need as much refining.
The Export Ban was originally implemented in the 70’s to combat the Arab oil embargo. But with the surge in oil and gas production in the U.S. from shale in recent years, the policy has come back into the spotlight.
The Obama administration’s subsequent explanation for the most recent move has failed to satisfy both proponents…. and critics…of the ban.
It’s time for the United States to enter the global oil trading market and ship our abundance of oil …and especially natural gas….overseas. We need these valuable trading partners, AND we could help off-set Vladamir Putin’s bully-tactics in the Ukraine by flooding Europe with American Gas.
Go figure….never thought I’d hear myself say that!