First unrefined oil export since 1970s leaves U.S. shores


A tanker loaded with $40M of ultralight oil departed Texas for South Korea late last night, marking the first unrefined American oil export since the 1970s.

Although the U.S. policy on oil exports has not changed, the Commerce Department last month began relaxing its definition of "unrefined oil".

As U.S. condensate supply surges due to the shale oil boom, the industry is demanding permits and comprehensive public guidance regarding what oil can or cannot be exported.

ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI

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Comments (4)
  • DeepValueLover
    , contributor
    Comments (11057) | Send Message
     
    When it comes to U.S. petroleum if it doesn't help lower my gas prices then it shouldn't be done.

     

    How does this news help lower my gas prices?

     

    Congress...when you get back from your two month vacation start working on refinery permits, thank you.
    31 Jul 2014, 05:17 AM Reply Like
  • JD in NJ
    , contributor
    Comments (1634) | Send Message
     
    I take it, then, that you strongly support the alternatives which are hitting the market, such as natural gas and battery powered vehicles? If we want to move the price of gasoline, we have to consider both supply and demand. Addressing supply is proving to be a tricky beast and an expensive one as well.
    31 Jul 2014, 05:47 AM Reply Like
  • wrc.99
    , contributor
    Comments (29) | Send Message
     
    DeepValueLover

     

    I totally agree!
    31 Jul 2014, 05:55 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (11057) | Send Message
     
    JD in NJ,

     

    I don't care what source of fuel we use as long as its cheaper than the last form of fuel we used.
    31 Jul 2014, 08:59 AM Reply Like
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