An end to a four-decade ban on USA crude oil exports could be coming under a federal spending compromise under consideration by Congress.
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Commissioner Ryan Sitton said, “Lifting the crude export ban is critically important to Texas oil producers who are now struggling with depressed commodity prices”.
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“There’s a lot of oil that gets produced that just gets stored here which causes oil prices to be low, because we have such a large supply in the U.S.”, Waters said.
Assuming the legislation is passed by both the House of Representatives and the Senate (likely by Friday of this week), and the president signs the bill into law, as is now anticipated, US oil producers will soon be able to export crude oil with minimal restrictions for the first time in almost 40 years.
Due to a global glut in oil supplies, lifting the ban is not expected to lead to significant shipments for months or even years but it could give crude producers the increased flexibility they coveted. The framework would permit companies to export crude oil to most markets without a license, except in the narrow circumstances outlined above.
Not only is the lifting of the oil export ban a promising result of passing the bill, but it also contains measures that will provide five-year extensions of tax breaks to boost development of renewable energy.
The White House said in the past it would veto any legislative efforts to erase the ban, arguing concessions for limited exports of crude oil and refined products dubbed condensate were already approved by the Commerce Department.
“At current pricing, it is more economic to land West African or North Sea grades into the U.S. Gulf Coast rather than bring WTI south via pipe”, the note said. “It’s a big win for our manufacturers and for our foreign policy”.
Crude oil exports will benefit the USA energy industry. To address the refiners’ concerns, expressed most vocally by Democrats from the Northeast, where several refineries are located, the spending bill changes an existing tax deduction for domestic manufacturing so independent refineries can deduct most of the transportation costs associated with their products.
“If there’s not more help than now in the bill, I think you’ll lose one of the refiners”, he said.
The export ban had a few exceptions.
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“That’s some unfinished business that we have to do”, she said at a press conference after Friday’s vote.
