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Oil export ban to ease restrictions

2 years 2 months 4 days ago Friday, August 14 2015 Aug 14, 2015 August 14, 2015 8:55 PM August 14, 2015 in News
Source: Associated Press

EDGARTOWN, Mass. - The U.S. is easing up on the long-standing ban on exporting crude oil.

Now the government is allowing limited trade with Mexico, according to a senior White House official. He was not authorized to comment by name, and only spoke to the Associated Press on the condition of anonymity.

Mexico's state-run oil company Petroleos Mexicanos, or Pemex, has been trying to import some 100,000 barrels of American light crude oil a day. Last year they proposed a deal. The official says the Commerce Department is working to approve license applications for the exchange of light American crude, for heavier Mexican crude.

Congress has pressured the Obama Administration to lift the oil ban all together. Republicans argue it could make the U.S. an energy superpower.

The ban has been in place for forty years.

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