Why the U.S. Decision to Allow Oil Exports Won't Change Much

Dec 18, 2015 | 10:10 GMT
The Wilmington refinery in Los Angeles, Calif.
The Wilmington refinery in Los Angeles, Calif.

The U.S. Congress is taking steps to remove a long-standing ban that, until about five years ago, was made largely irrelevant by declining oil production. On Dec. 15, Republicans and Democrats agreed to a 2016 budget deal that will lift the U.S. ban on crude oil exports in exchange for tax incentives on investments in renewable energy. However, the move will have little impact on the United States' energy security or export volumes....

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