The US government is considering doing away with a four-decade-old law that bans the sale and export of American oil abroad. The decision follows a slew of US-led strategic wars and sanctions in the Middle East that have raised oil prices and demand.
The policy shift comes on the heels of the crisis in Ukraine, as the US may be taking advantage of an opportunity to disrupt Russian oil exports to Europe. The US produces 10 percent of global crude oil supply, but exports precisely zero barrels because of a ban Congress set in reaction to the 1973 Arab Oil Embargo.
Washington is seriously considering changing federal laws to let oil flow abroad, according to US Energy Department Secretary Ernest Moniz.