By Kamel Al-Harami

IT SEEMS there is more bad news regarding oil prices as the American Congress on Thursday approved the proposal to allow American oil producers to export crude oil again after stopping it for 40 years. Domestic producers will once again taste the flavor of international oil prices and daily challenges in this regard, in hopes of gaining more than the domestic prices.

American crude oil prices used to range from $5 to $10 a barrel internationally. However, it will not be known soon whether this disparity will disappear or not, but it will average out in the coming months. It may also lead to higher domestic prices like gasoline.

The USA’s decision to allow export is positive and despite the fact that it weakens the oil process temporarily, it will balance with other international oil prices in the end. The USA consumers will not be happy to pay higher gasoline

Al-Harami