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Shale Oil Revolution: White House Reviews Crude Oil Export Ban

Gregory Meyer and Ed Crooks, Financial Times

The White House is examining the longstanding US ban on exports of crude oil, a senior official said, offering the Obama administration’s most detailed statement yet of its thinking on the issue.

John Podesta, who is one of President Barack Obama’s most senior advisers, said the administration was “taking an active look” at the strains caused by the US shale oil boom.

His comments indicate that the administration is actively discussing one of the hottest topics in US energy policy. Any change would have implications for global oil traders, refiners and consumers.

US oil production has surged from its 2008 nadir as drillers developed ways to unlock supplies from shale formations.

Exporting crude pumped in the US is essentially barred to any country but Canada. Although the bulk of US export curbs date back to legislation passed in 1975, the White House has authority to loosen them.

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