U.S. exports first barrel of crude oil in 40 years

Tom Hinde

In the wake of the 1973 Arab oil embargo, Congress enacted a ban on the export of crude oil. The ban has remained in place since then. In December Congress passed and the President signed major budget and tax bills. One of the chief provisions of the legislation included repealing the 40-year-old ban on exporting U.S. crude oil overseas. The first oil tanker of freely traded U.S. crude recently shipped from the Port of Corpus Christi. The oil came from the Eagle Ford Shale of South Texas according to the Wall Street Journal. Subsequent shipments are scheduled. The impact should have a positive effect on the Texas Panhandle oil industry in the near and long term.