The Oil Exporting Ban Could Be Lifted


House Republicans announced a deal late Tuesday between the GOP-led Congress and the White House on a trillion-dollar, year-end tax and spending package to fund the government through fiscal year 2016.Part of the massive package is the lifting of the 40-year-old ban on exporting crude oil. The export ban was imposed during energy shortages of the 1970s, but has been declared outdated by industry allies. Environmentalists say lifting it would amount to a giant windfall for the oil industry. It puts the United States in the driver’s seat of energy policy worldwide, Representative Joe Barton (Republican-Texas) said. The change still subject to Senate and House approval is a huge victory, he said.Limits on U.S. oil exports would be lifted immediately, according to the bill released early Wednesday by the House Appropriations Committee. It would allow the president to impose restrictions on exports for national-security reasons and in case of a shortage. Sources said the bargain would al
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