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US to consider bill which will allow crude oil exports

Oil

The US appears to have taken a step towards ending a four-decade ban which prevents the export of US crude oil, Reuters reports. Currently US crude oil cannot be exported except in certain circumstances, such as: i) if it is being shipped to Canada, ii) if it is Alaskan North Slope crude and iii) a recently agreed crude swap deal with Mexico. However, a new spending bill includes measures which in theory would allow greater freedom in the export of US crude if it is passed by the US legislature. Although in practice the bill may be subject to presidential veto.