US Oil Exports Have Surged Since Export Ban Was Lifted
US crude oil exports have surged after the oil export ban was lifted by Congress in December. The chart below shows how quick US oil exports have jumped to record levels. Given the oil oversupply in the US it’s not surprising companies have sold excess production outside the US.
The export ban was originally put in place by Congress in 1975 after the OPEC embargo caused gasoline prices to skyrocket in the US. As the shale revolution helped create a massive oil glut around the world the export ban didn’t reflect the realities of today’s oil market.