Rul­ing could help US be­come ma­jor oil ex­porter

The Covington News - - THE WIRE -

NEW YORK (AP) — Com­pa­nies are tak­ing ad­van­tage of new ways to ex­port oil from the U.S. de­spite govern­ment re­stric­tions, and in the process help­ing the U.S. be­come an ever big­ger ex­porter of petroleum on the world stage.

The Obama Ad­min­is­tra­tion has opened the door to more ex­ports — with­out chang­ing pol­icy — by al­low­ing some light oils to be de­fined as petroleum prod­ucts like gaso­line or diesel, which are not sub­ject to ex­port re­stric­tions.

Al­though U.S. pro­duc­tion has boomed in re­cent years, the na­tion still con­sumes far more crude oil than it pro­duces and re­mains heav­ily de­pen­dent on im­ports. But the crude be­ing pro­duced by U.S. drillers in re­cent years in­cludes types of oils that don’t have a big mar­ket here. This has the oil in­dus­try and some politi­cians call­ing for an end to crude ex­port re­stric­tions, which were adopted af­ter the 1973 Arab oil em­bargo.

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