Lifting of U.S. oil export ban no big deal for Canada – Fraser Forum

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Lifting of U.S. oil export ban no big deal for Canada – Fraser Forum

by ahnationtalk on January 21, 2016185 Views

January 20, 2016

Oil export shipments from the United States to offshore customers are now legal. In fact, the first freely traded cargo of U.S. oil was shipped from Texas to Germany this past New Year’s Eve. Recent congressional legislation lifted a ban on U.S. crude oil exports that had been in place for four decades, although U.S. refineries were legally able to export refined crude oil products.

There has been some debate about the overall impact of the new U.S. legislation on Canada with some observers seeing a positive impact on Canadian oil companies while others see a possible negative impact. In fact, unless current conditions surrounding the global oil market change fairly dramatically over the foreseeable future, the overall impact on Canada from the lifting of the oil export ban is likely to be very modest.

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