Keeping U.S. crude oil “trapped” in the domestic market may be undermining the health of the shale industry, the top executive at Hess Corp. said. Arab members of the Organization of Petroleum Exporting Countries stopped exporting oil to the United States in response to U.S. support for Israel in the 1970s. The U.S. Congress responded in kind by passing legislation restricting crude oil exports in part to protect the domestic market from overseas influence. Nearly four decades later, those in the exploration and production side of the U.S. energy sector argue that policy is outdated in an era when domestic shale is leaving storage facilities overflowing with domestic crude oil. “Part of the reason […]