Officially America banned export of crude oil in 1975. The move came after two years when OPEC banned oil sales to the U.S. At that time gas prices skyrocketed and cars queued outside of gas stations waiting to fill their tanks.
It has been weeks since the Congress lifted the forty year oil export ban and America did not waste much time in taking advantage of it. The very first shipments of crude left the U.S. ports heading for Europe. It's symbolic to the nation's new newfound status a leading oil producer.
Entry of the United States into the world oil market brings a relief by those who were concerned about a likely disruption of supply. Looking at the geopolitical situation around the world, many leading oil producers are located in some of the most volatile locations that might face tough times.
Jason Borduff, an ex- energy adviser to President Obama and a present professor at Columbia University said, "The fact that producers have free access to the global market will make it easier for U.S. supply to respond to disruptions around the world."
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