REPORT: Washington Is Loosening Its 40-Year Old Oil Export Ban

U.S. crude futures are up more than 1% in Tuesday eastern time trading after the Wall Street Journal reported Washington will allow the export of unrefined oil for the first time in four decades.

WSJ’s Christian Berthelsen and Lynn Cook write that two U.S. energy companies have received permission to export a form of petroleum called condensate, which has seen production surge alongside the unprecedented output of U.S. shale oil.

Raw crude has been banned from being shipped beyond U.S. shores since 1975 in the wake of the first Arab oil crisis.

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