The agreement also will help unleash clean energy resources like wind and solar by extending the federal tax credits for solar and wind power for 4-6 years.
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Oil prices drop as Opec output rises, Brent below US
West Texas Intermediate (WTI) U.S. crude futures were at .41 per barrel, down 35 cents after touching .12, their lowest since February 2009.
Lawmakers expect to vote on the $1.1 trillion spending bill and $680 billion in tax cuts for businesses and individuals by week’s end.
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Wearing handcuffs and beige T-shirt, Marquez appeared in federal court in Riverside, California for a brief hearing on Thursday. Apparently it was a marriage of convenience , and a sham in order to get the woman in question American citizenship.
Allowing oil exports would be a win for the USA oil industry and Republicans, who had argued the ban was a relic of the 1970s Arab oil embargo.
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The Blues qualified for the knockout stage of the Champions League last week, and will host Sunderland on Saturday. Meanwhile, Chelsea captain John Terry has described Mourinho’s exit after 30 months in charge as a “sad, sad day”.
“The spread between the price of West Texas Intermediate crude, for delivery in Oklahoma, and internationally traded Brent is only about $1.25 per barrel, meaning that any benefit for U.S. producers from selling in world markets would be swallowed up in transport costs”.
Oil prices are near an 11-year low, and the price difference between oil produced in the US and the Middle East is so small, that USA producers are unlikely to ship oil overseas, says Tom Kloza, chief global analyst at the Oil Price Information Service.
Lisa Murkowski, R-Alaska, to build bipartisan support for lifting the ban, said getting enough Democrats on board required balancing it with renewable energy tax credits and the potential for conservation programs. Heidi Heitkamp, from the No. 2 oil state North Dakota, has supported its repeal. USA refiners still import a large amount of foreign oil to produce gasoline and other fuels, so lower prices for global oil should translate into lower prices at the gas pump. The move would also give USA allies alternatives to Russian Federation and the Organization of Petroleum Exporting Countries for their supplies. Consistent lobbying efforts targeted the Bureau of Industry and Security (BIS), which has quietly granted crude oil export exemptions to select oil companies through rulings not disclosed to the public.
Today, the world has too much oil – thanks in part to America’s shale oil boom.
According to some sources, ending the oil export ban was a key Republican priority. The U.S. government doesn’t limit exports of refined petroleum products, which have more than 100% in the last eight years.
Still, environmental groups worry that the rush by USA energy companies to supply the world with crude will lead to more local pollution and higher global emissions.
Some refiners, such as PBF Energy Inc. of Parsippany, New Jersey, and Monroe Energy LLC, the Philadelphia-area unit of Delta Air Lines Inc., have said they may be harmed by repeal of the trade restrictions.
Investors have said they do not envision a significant impact on the oil market. Environmentalists say lifting it would amount to a giant windfall for the oil industry.
The energy deal was hammered out in secret talks among congressional leaders over two weeks.
Wind and solar advocates said five-year renewals of their tax breaks would provide needed certainty to spur further growth.
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The bill, posted early on Wednesday morning, allows the US president to stop oil exports for one year if he or she declares a national emergency, or if the administration decides the exports are causing a domestic oil shortage or raising prices.
