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Shale samples being tested at exploration and production company Chesapeake Energy's analysis centre in Oklahoma City (photo: dpa)

Export ban under pressure from US crude oil glut

The US ban on crude oil exports, introduced in the wake of the 1973 Arab oil embargo, is being challenged because advances in technology have vastly increased production and decreased the need for imports. The shale oil industry produces light crude. There is now a glut and some restrictions on its export have already been lifted. But this move raises issues for energy markets all around the world.

<em>As a result of technological advances in extracting and producing ‘tight oil’, also known as shale oil, the United States is now delivering eight million barrels per day, pushing it above 10 per cent of the world’s tota...

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 Nick Loris
Because opening markets would improve refining operational efficiency, petrol prices would probably be five to eight cents lower. This would result in fuel savings worth hundreds of billions of dollars over the next two decades.
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