Was Lifting The Export Ban A Success?

12 Aug 2016   exports

 Last December, the United States government voted to lift four-decades of restrictions on crude oil exports as part of a bipartisan effort to prevent another government shutdown caused by political paralysis on Capitol Hill. The restrictions—which made Canada the U.S.’ main export destination for crude oil for decades—came into being after the 1975 Arab Oil Embargo sent shockwaves across the American economy. Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an Embargo against the United States and its allies for their political decision to sell military supplies to Israel during the 1973 Arab-Israeli War. The U.S. legislature enacted the new policy to keep American energy supplies within its borders and alleviate the nation’s dependency on foreign powers. In the second half of 2015, arguments against the regulations came from American oil companies, including Continental Resources, Pioneer Resources and ConocoPhillips, who wanted the policy change […]

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