US to end oil export ban

US to end oil export ban

As the fracking frenzy across the US has produced a huge surplus of oil, the government has given permission for two companies to sell ultra-light oil to foreign buyers; ending a 40 year ban. There’s a real likelihood of the US becoming the world’s largest crude producer, ahead of Saudi Arabia and Russia, with levels at their highest since 1988. Companies are already allowed to export refined products such as gasoline of course, but these new exports will be the first of unrefined oil since the Arab oil embargo of the early 70’s. Read the full story.