Location India India

US Congress decides to lift 40-year ban on oil export

Washington, Dec 17:  The US is set to lift a four- decade ban on export of oil, a move that may benefit countries like India by giving them an option to purchase crude from non-Middle Eastern nations. The measure allowing oil exports is at the centre of a deal Congressional leaders announced yesterday on spending and tax legislation. Both the House and Senate still must pass it and President Barack Obama must sign it into law. This legislation is scheduled to be voted on this week before Congress adjourns for winter break.

“We are lifting the government’s 40-year-old ban on crude oil exports. This is big win for American jobs and for our energy industry. It’s a big win for our manufacturers and for our foreign policy,” Paul Ryan, Speaker of the US House of Representatives told reporters after Congressional leaders agreed on the USD 1.1 trillion spending bill for the current fiscal ending on September 30, 2016. Ryan said it has been 40 years since the ban was implemented in 1975 amid the Arab oil embargo and petroleum shortages.


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