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U.S. Commerce Dept. lifts 4-decade ban on oil exports
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The Barack Obama administration has lifted a ban on U.S. oil exports that had been in place since the 1970s.
The U.S. Commerce Department approved two Texas-based companies to ship a type of lightly processed crude, known as condensate, to buyers abroad... which can be turned into gasoline, jet fuel and diesel.
According to sources familiar to the case, the shipments could begin as early as August, and are likely to be small.
The U.S. Commerce Department approved two Texas-based companies to ship a type of lightly processed crude, known as condensate, to buyers abroad... which can be turned into gasoline, jet fuel and diesel.
According to sources familiar to the case, the shipments could begin as early as August, and are likely to be small.