Is U.S. Loosening Oil Export Ban?

Published Jun 25, 2014 4:24 PM by The Maritime Executive

Update: The White House said on Wednesday there had been no change to U.S. policy on exports of crude oil. A White House spokesman suggested the reports had been misleading.

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Media reports are stating that U.S. officials have allowed two companies to export shipments of a light oil called condensates.

The Wall Street Journal reported that the U.S. Commerce Department gave approval via a private ruling to Pioneer Natural Resources Co and Enterprise Product Partners LP to export the oil.

Senator Lisa Murkowski urged the Obama administration to fully lift the 40-year-old ban on crude exports following these approvals.

"Commerce's decision to allow companies to process condensate and export the resulting products is a reasonable first step that reflects the new reality of our energy landscape," Murkowski of Alaska, the top Republican on the Senate energy committee, said in a release. "I continue to urge the administration to fully lift the ban on crude oil and condensate exports."