After swap deal with Mexico, calls in US for wholesale lifting of oil export ban
Following Friday’s announcement of an oil-swap deal with Mexico that marks a slight loosening of strict US restrictions on oil exports, American politicians and businessmen have called for the door to be thrown wide open for US oil exports.
On Monday US Congress members from both major parties called not just for an expedited approval of the swaps with Mexican state oil firm Pemex, but for the lifting of all such limitations, according to UPI.
Currently the only country exempted from the export ban is Canada.
A complete lifting would open up huge new cargo opportunities for the oil tanker industry.
US restrictions were imposed back in the 1970s in response to an oil embargo by Arab countries in Opec (Organisation of the Petroleum Exporting Countries), which made the US concerned about its energy security.
Those who advocate undoing the restrictions cite free trade principles and the fact the US is producing so much oil now, albeit much of the increase coming from onshore shale deposits.
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- August 18, 2015
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