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Category: Law

U.S. Reverses Decades of Oil-Export Limits With Obama's Backing

December 22, 2015 Posted by Chris Wysong

President signs bill to end 40-year old trade restrictions Congress approves repeal as provision in spending legislation by Brian Wingfield With the stroke of a pen, President Barack Obama on Friday ended 40 years of U.S. crude oil export limits by signing off on a repeal passed by Congress earlier in the day. The restrictions lift immediately under a provision in the spending and tax package that the president signed into law. Congressional leaders earlier in the week reached an agreement to end the trade restrictions, established during U.S. oil shortages in the 1970s, as part of a grand bargain that includes tax breaks for renewable-energy companies and refiners. I dont doubt youll see some exports next year, ConocoPhillips Chief Executive Officer Ryan Lance said in a telephone interview after the Senate vote. Were pretty excited about it, but weve also got to get the infrastructure in place. Repeal of the crude-export restrictions reverses four decades of a policy that has defined

Posted in Oil, Crude Oil, Law
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