Oil

US Congress lifts 40-year ban on export of oil

In a move considered unthinkable even a few months ago, congressional leaders have agreed to lift the nation’s 40-year-old ban on oil exports, a historic action that reflects political and economic shifts driven by a boom in U.S. oil drilling.

The measure allowing oil exports is at the center of a deal congressional leaders announced early Wednesday on spending and tax legislation. Both the House and Senate still must pass it and President Barack Obama must sign it into law.

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