There are different types of crude oil located in different parts of the world... The United States has an abundance of "light, sweet" crude it currently can't sell to its allies, while the country needs "sour"crude oil from other countries. So, even with the ban lifted, importing oil is necessary.
A possible Senate breakthrough to end the wrongheaded crude oil export ban?
What kind of world do we live in, where America's leaders try to give Iran better international trading terms than we provide our own petroleum producers?
The United States recently overtook Russia and Saudi Arabia to become the world's leading oil and natural gas producer.
The Department of the Interior's Bureau of Ocean Energy Management (BOEM) today held an oil and gas lease sale for the Western Gulf of Mexico that drew $22,675,212 in high bids for tracts on the U.S. Outer Continental Shelf offshore Texas - located from nine to 250 nautical miles offshore in water depths ranging from 16 to more than 10,975 feet
Today, there is only one major product the U.S. bans from export. Surprisingly, it is a product in which the U.S. is nearly self-sufficient.
A planned deal to swap Mexican crude for lighter and more expensive U.S. oil is just a drop in the bucket toward ending a 40-year ban.
As part of the new nuclear agreement, the Iranian energy industry will be allowed to export its oil. If only America was so lucky.