The first shipment of American crude oil has reached European markets. This comes only a month after Congress took a big step toward a more sensible energy policy by terminating the crude oil export ban.
The most significant aspect of the $1.1 trillion omnibus spending passed by Congress is that it lifts the ban of oil exports that directly impacted 20,000 employees in Oklahoma, U.S. Sen. Jim Inhofe said.
The U.S. has started exporting crude oil after a 40-year ban was lifted by Congress.
It’s a plan that’s been on the table for nearly two decades, but with crude oil being exported from Corpus Christi for the first time in forty years, that plan will finally see some action.
The third of three crude oil export shipments that left Texas around the beginning of the New Year has reached its destination in France.
Two tankers of US oil arrived in Europe last week, delivering the first cargoes allowed since Washington repealed a decades-old ban on exporting crude. With two more vessels now crossing the Atlantic, oil market watchers have a simple question: why?
How it was done wasn’t pretty, but now that Congress has lifted the 40-year ban on exporting most U.S. crude oil, Texas oil producers should get on board.
The first oil tanker to sail from the US after restrictions were lifted on the country’s crude exports has arrived in Europe, a landmark moment for an industry battling a collapse in prices.
The first export of U.S. crude oil in four decades arrived in Europe early Wednesday. The oil tanker, carrying a cargo dubbed “Liquid American Freedom” by some American lawmakers, reached the French port of Marseille before sunrise after leaving from Texas nearly three weeks ago, the Financial Times reported.
China’s state-run oil refiner Sinopec Corp has purchased its first ever batch of U.S. crude oil for export, a source told Reuters on Thursday, a landmark transaction after the ending of a four-decade ban on domestic exports.