- Lawmakers have agreed to lift the four-decade-old ban on crude oil exports as part of a spending and tax package announced by congressional leadership late Tuesday night.
- The spending measure also includes temporary wind and solar power tax credits that will expire in several years.
- Lifting the crude export ban has been a key goal for Republicans, who have said American oil producers should get expanded access to the international market at a time of low prices and new competition from Iranian oil.
- Crude futures -1% to $36.98/bbl.
- 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
- Previously: Congress "very likely" to lift oil export ban, may include tax break for refiners (Dec. 12 2015)