The USA sent the first shipment of export oil after the 40 years of ban


The United States made their first shipment of oil after the abolition of ban on the export that was active for 40 years. This was reported by Bloomberg.

On December 31 a tanker owned by ConocoPhillips departed from the port of Corpus Christi (Texas) to Italy. The cargo is designated for the Swiss-Dutch trader Vitol.

The agency adds that in the coming time ConocoPhillips will send at least one more tanker for Vitol.

On December 18 the US President Barack Obama signed the draft of US budget for 2016 fiscal year, removing the ban on exports of American oil that was introduced over 40 years ago.

Republicans and US oil companies have been pressing for lifting the embargo, while the Obama administration opposed the decision, insisting on the need to develop alternative energy sources.

The ban on the export of US crude oil was introduced in 1975 in response to the energy crisis. It began in 1973 after all the Arab states refused to supply oil to countries who supported Israel in the Yom Kippur War. As a result, in one year the price of oil has risen from 3 to 12 dollars per barrel.