Move to Allow U.S. Oil Exports Accelerates

10-Aug-2015 Big voices in the oil industry and Congress now support a move that would have been unthinkable not long ago: opening the U.S. oil industry to exports.

The U.S. has long pushed for liberalized trade, with U.S.-produced crude being the biggest exception since the shock of the 1973 Arab oil embargo led Congress to ban oil exports under nearly all circumstances. The only other U.S. products banned under the same regulations are a type of tree found in Western North Americacalled Western red cedar and live horses for slaughter shipped by sea.

The House now looks likely to vote as early as September to lift the oil-export ban, with Senate action anticipated early next year, which would mark a milestone few saw coming.

“Go back seven years, you would not have imagined that there would be a debate about U.S. exporting oil,” said Daniel Yergin, vice chairman of research firm IHS. ((by AMY HARDER, Wall Street Journal)