https://ballotpedia.org/Crude_oil_export_ban https://ballotpedia.org/Crude_oil_export_ban > The crude oil export ban prohibited most crude oil exports from the

https://ballotpedia.org/Crude_oil_export_ban https://ballotpedia.org/Crude_oil_export_ban > The crude oil export ban prohibited most crude oil exports from the United States to other countries. It was implemented in 1975 and lifted in December 2015. https://www.economist.com/finance-and-economics/2015/12/18/america-lifts-its-ban-on-oil-exports https://www.economist.com/finance-and-economics/2015/12/18/a... ( https://archive.is/BWfNt https://archive.is/BWfNt ) > On December 18th Congress voted to put an end to the problem by lifting the 40-year-old export ban as part of an omnibus budget bill. Republicans championed the proposal, which is backed by the oil industry. Reluctant Democrats supported it because in exchange they were able to negotiate an additional five years of tax credits for wind and solar power, which they are keen on. The deal showed a spirit of compromise often absent on Capitol Hill. > The move has three potentially positive outcomes. It will increase the market for the light, sweet crude pumped out of America’s shale deposits, which may eventually give the fracking industry a fillip. It will give refineries outside America access to a greater variety of oil, enabling them to operate more efficiently. And it will make West Texas Intermediate (WTI), the reference price in the United States, a global benchmark for light, high-grade crudes to rival Brent, an international benchmark that is based on a mix of heavier crudes. That would make oil trading more efficient.