'The deal, which will give American drillers a new market for their product, is a significant step toward lifting the export ban that dates to the Arab oil embargo of the 1970s..'<blockquote>'The U.S. Commerce Department told members of Congress it intends to approve an application by the national oil company of Mexico to exchange heavy oil pumped there for light crude pumped in the U.S., according to people familiar with the matter.
The deal, which will give American drillers a new market for their product, is a significant step toward lifting the export ban that dates to the Arab oil embargo of the 1970s, when the U.S. suffered though gasoline shortages. Since then, the U.S. has allowed few overseas shipments of oil, with a current exemption for Canadian refineries, which send a lot of gas and diesel back to the U.S.
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But many energy economists, as well as the Congressional Budget Office and U.S. Energy Department, contend that exporting U.S. crude will ultimately help lower global oil prices by adding supplies to the world-wide market.
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Countries from Japan and South Korea to Poland have expressed interest in buying American oil, in part so they don’t have to rely as heavily on big oil-pumping countries such as Iran and Russia, said George Baker, executive director of Producers for American Crude Oil Exports.
“Other countries quite clearly want to get in on the benefits—geopolitical and economic,” he said. “They want in on this American oil renaissance for good reasons.” '
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U.S. Loosens Longtime Ban on Oil Exports, August 14, 2015</blockquote>
Context<blockquote>
'..the marginal cost for efficient U.S. shale-oil producers is about $10 to $20 a barrel in the Permian Basin..' - Get Ready for $10 Oil'..Europe .. to turn to alternative energy sources for its survival..''..Allowing U.S. Crude Oil Exports.' - '..Canada and the US – could be global leaders in future [energy] supply developments..''..The mechanism is simple: High oil revenues lower leaders’ domestic political accountability and responsibility for policy decisions while increasing risks of international adventurism..' -
'..Russia .. is a typical petrostate with a short-term horizon..' - Maria Snegovaya</blockquote>