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

|By:, SA News Editor

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