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U.S. Congress lifts 40 year old oil export ban

Staff writer |
The U.S. Congress lifted a 40 year old oil export ban amid near-record high crude American production, as part of a $1.1 trillion federal spending measure.

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The Senate, on a 65-33 vote, passed a $1.1 trillion government spending bill that included the measure to lift the export ban and provide five-year extensions of tax breaks to boost development of renewable energy. The House of Representatives passed the measure, 316-113.

Supporters argue that ending the outdated ban would create US jobs and boost the security of Washington's European allies, many of which are currently largely dependent on Russia for their energy supplies and have expressed concerns about their energy security.

The measure, which averts another shutdown and keeps the federal government running through September, was sent to President Obama, who signed it into law.

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