Crude Oil Export Ban Lifted

Crude Oil Export Ban Lifted

Good news for oil companies across the US and the basin, the 40-year-old ban on crude oil exports has been lifted.

It was all part of the spending bill passed by the senate today.

President Obama signed this bill immediately avoiding a government shutdown.

It's a big win for republicans 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. Opponents said lifting the ban would harm the environment.

However, democrats who supported the bill say the bill combats global warming with it's provisions that encourage renewable energy.
Experts say that while the end of the ban should have little immediate impact on the oil industry it will help US shale producers. That  includes here in Texas in the long run.