Us Lifts Oil Export Ban; India To Benefit?

WASHINGTON: The United States on Saturday lifted a 40-year-old ban on export of oil, thus paving the way for energy deficient countries like India to open up another frontier to import oil from a distant friendly nation.

The ban was lifted as President Barack Obama on Saturday signed into law the Omnibus $1.8 trillion spending package and tax bill for the current fiscal ending on September 30, 2016.


The move was welcomed by the industry , while proenvironmental groups were critical of it.


Senator Lisa Murkowski, energy panel chairman, welcomed the decision. "By lifting the domestic crude oil export ban, we are sending a signal to the world that our nation is ready to be a global energy superpower," he said. "With crude exports comes job creation, economic growth, new revenues, prosperity, and enhanced energy security for our allies and ourselves," Murkowski said.

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Yes Indian Corporates will benefit maximum, not the people!Krishna

Business Roundtable welcomed the move to end the ban on the export of US crude oil, a policy enacted during the 1970s. "Business leaders representing every sector of the US economy applaud Congress for voting to end the outdated ban on American oil exports," said Nicholas K Akins, chairman, president and CEO of American Electric Power Company , Inc and chair of the business roundtable committee on energy and environment.


"The US is now the world's number one oil producer, and removing this ar tificial export restriction will strengthen our nation's strategic position in global energy markets," he said.


However, senator Tom Carper, a top Democrat, ex pressed concern over lifting the ban. "I am deeply con cerned about the impact of lifting the oil export ban on our independent oil refi ners, who employ thou sands of hardworking midd le class Americans," he said Republican presidential candidate Chris Christie wel comed the decision to lift ban on oil export. "The oil export part of it is great, it's good for Americans, it's good for the oil industry , it's good for the world," he said.