The Patriot Post® · Loosening Oil Regs

Last week, a report was issued stating North America is poised to become the largest exporter of oil by 2020. Now the Commerce Department has rolled back a ban on U.S. companies exporting crude oil overseas. The Wall Street Journal reports, “In separate rulings that haven’t been announced, the Commerce Department gave Pioneer Natural Resources Co. and Enterprise Products Partners LP permission to ship a type of ultralight oil known as condensate to foreign buyers. The buyers could turn the oil into gasoline, jet fuel and diesel.” Washington banned oil exports 40 years ago during the Arab oil embargo and the Obama administration is interested in de-regulation. Who knew? The WSJ continues, “The softened stance is likely to stir up opposition in Congress, where some lawmakers insist that Americans would benefit from lower fuel prices if the government maintains the longtime export ban.” However, the move frees up the markets, makes U.S companies competitive on the world stage without the Export-Import Bank, and rolls back regulation. More…