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The US lifted the ban on oil exports

U.S. President Barack Obama signed the decree about government expenditure in the amount of 1.8 trillion dollars, designed to allow the government to operate until September, even if the budget is not adopted on time.

Under this decree have been adopted some measures, the most important of which was the abolition of the ban on oil exports imposed over 40 years ago, after the Yom Kippur War of 1973, when Arab countries decided to stop oil exports to Western States because of their support of Israel.

By lifting the ban on exporting American oil voted 316 members of the house of representatives (113 voted against) and 65 senators (33 were against).

Representatives of the oil industry predicted that the continued ban would undermine oil and gas from shale that has flourished in recent years. Some oil refineries, in contrast, spoke out against the ban, fearing large losses in the event of a sale of a large share of crude oil exports.

According to experts, the output of U.S. exporters to world markets will additionally lower oil prices.

In addition, a presidential decree extended for five years tax incentives for renewable energy.




The US lifted the ban on oil exports 19.12.2015

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