The 40-Year Ban on Oil Exports Could Be Lifted

Close-up of an oil platform at sea
Photo by Danial Abdullah – Getty Images

Democrats in the House are reportedly open to removing a long-time ban on crude-oil exports as part of their negotiations with Republicans, according to Bloomberg. For 40 years, there’s been a ban on exporting oil from the U.S.

Oil producers have been lobbying Congress to lift the ban, which was adopted in the 1970s when there were gas shortages, Bloomberg notes. The U.S. is now the largest oil and gas producer in the world.

The Senate is already close to an agreement, and Democrats in the House are reportedly are using this issue to negotiate other concessions from Republicans. Allowing exports is expected to bump up the price of American oil, which has gone down along with global oil prices in recent years.

For more on the potential shift in policy, head to Bloomberg.

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