Lobbying fight to lift U.S. oil export battle gaining momentum

|By:, SA News Editor

Top oil refiner Valero (VLO -0.8%) is the first major company to publicly oppose relaxing the decades-old U.S. law that effectively bans crude oil exports, a predictable stance from an industry that has reaped the rewards of buying cheaper U.S. crude oil and selling it as refined fuels, but most refiners are steering clear of the fight.

Phillips 66 (PSX -0.1%) says exports of crude oil and other products are good for the U.S. and contribute to a strong balance of trade, and Marathon Petroleum (MPC -1.2%) says it supports free markets.

Sen. Lisa Murkowski, the top Republican on the Senate’s energy committee, and the American Petroleum Institute held events yesterday contributing to the momentum toward ending the ban.