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Posts : 18585
Join date : 2015-05-20
Location : United States

US withdrawal after 40-year-old embargo on exports posted the first batch of oil

on Fri Jan 01, 2016 11:36 am
On Thursday, Dec. 31, the United States sent the first batch of the export of oil after removing the 40-year-old embargo.

Theo T tanker was released from the US port of Corpus Christi with a party of Texas oil corporation ConocoPhillips for the Swiss trading group Vitol. Delivery is carried out in Italy.

The second tanker to the Vitol in the coming days will be sent to Houston - said "Left Bank" with reference to Bloomberg.

Recall Texas Enterprise Products Partners LP became the first American company to sign a contract on oil exports after the abolition in force in the US 40-year ban.

December 18, US President Barack Obama signed the US draft budget for 2016 fiscal year, lifting the ban on the export of American oil. Republicans have sought to lift the embargo and US oil companies, while the Obama administration opposed the decision, insisting on the need to develop alternative energy sources. This dispute was one of the reasons for delaying the full harmonization of the budget, which should have been taken before October 1 when the fiscal year starts.

The ban on the export of US crude oil was introduced in 1975 in response to the energy crisis. It began in 1973 after all the Arab states have refused to supply oil to countries that supported Israel in the Yom Kippur War. As a result, for the year the price of oil rose from $ 3 to $ 12 per barrel. In Russian
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