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U.S. Congress Ends Ban on Oil Exports

hamilton-zanze December 21, 2015

Congress has passed a deal which, if approved by the Senate, would lift the nation’s 40-year-old ban on U.S. oil exports. The ban was implemented following the 1973 Arab oil embargo and has faced increased criticism as U.S. oil production has rapidly increased in recent years. Opponents of the bill argue exports could result in higher gas prices, leading lawmakers to add a provision allowing the President to restrict oil exports for up to one year if necessary.