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Congress "very likely" to lift oil export ban, may include tax break for refiners

Dec. 12, 2015 8:25 AM ETPhillips 66 (PSX) StockUCO, VLO, USO, ALJ, WNR, CLMT, ANDV, OIL-OLD, DBO, USL, DTO, OLO-OLD, SCO, DNO, BNO, MPC, DINO, UWTI, DWTI, PSX, NTI, PBF, SZOXF, OILBy: Carl Surran, SA News Editor163 Comments
  • The 40-year-old ban on most U.S. crude oil exports "very likely" will be lifted in the government spending bill, according to reports citing congressional aides from both parties, as part of a deal D.C. lawmakers are negotiating as part of spending and tax measures Congress is aiming to pass by Dec. 16.
  • In the deal said to be coming together, Congress would lift the export ban while also adopting environmental and renewable energy measures, including long-term extensions of wind and solar tax credits; also under discussion is a tax credit for independent domestic refineries, especially a few in the Northeast whose profits could be hurt if oil exports are allowed.
  • "There’s a view that this is the last chance" ahead of a presidential election year, says ClearView Energy Partners managing director Kevin Book.
  • Refiners: PSX, VLO, TSO, MPC, HFC, PBF, WNR, NTI, ALJ, CLMT
  • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, OTC:DWTI, DTO, USL, DNO, OLO, SZO, OLEM

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