Energy Secretary wants review of limits on oil exports

|By:, SA News Editor

Energy Secretary Ernest Moniz has indicated that he's in favor of revisiting the U.S.'s severe restrictions on crude oil exports, which stretch back to the OPEC oil embargo in the 1970s.

Moniz said his department would carry out a technical analysis of the issue.

The debate about easing the limits comes as U.S. production surges because of the shale boom.

Oil companies are naturally in favor, and argue that it would cause world oil prices to fall and bring relief to American consumers; opponents of relaxing the restrictions argue that it will lead to higher gasoline prices.

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