U.S. on verge of lifting 40-year oil export ban

Discussion in 'The Economy' started by AMDR, Dec 16, 2015.

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  1. AMDR

    AMDR Captain Staff Member Administrator

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    U.S. on verge of lifting 40-year oil export ban
    WASHINGTON | BY TIMOTHY GARDNER

    The United States appears on the brink of ending a four-decade ban on most exports of crude oil, which would end a years-long fight brought about by a boom in domestic shale output that contributed to a supply glut and depressed prices.

    The measure is part of a sprawling deal wrapped up by congressional leaders late on Tuesday to keep the U.S. government open through September. The $1.15 trillion spending bill, negotiated in secret talks over the last two weeks, would be difficult for President Barack Obama to veto despite his opposition to ending the oil export ban.

    In a partial victory to Obama and other Democrats, the spending bill also includes granting tax incentives to boost wind and solar development, according to lawmakers involved in the talks. Shares of solar companies rose sharply.

    Republican and Democratic lawmakers will meet separately on Wednesday to discuss the bill and hope to vote on it as soon as Friday.


    More here: http://www.reuters.com/article/us-usa-oilexports-idUSKBN0TZ1QZ20151216

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    :D Finally!








     
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  2. Technofox

    Technofox That Norwegian girl Staff Member Ret. Military Developer

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    36 USD for a barrel, seems to be a bad time to be exploring exports. Suppose this just clears the legal legwork, so when prices soar the US can jump in... and promptly facilitate another tanking in said prices:D. Throw in gas and Europe, especially Eastern Europe, who's concerned about Russia, and Japan and South Korea, who are reliant on overseas oil, and the US already has the potential for a solid market.

    Does this also signal the US is committed to moving away from oil as an energy producer, in both electricity production and vehicles? I hope so.
     
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