Full Title: U.S. Crude Oil Exports to International Destinations
Author(s): Phillip Brown
Publisher(s): Congressional Research Service
Publication Date: January 1, 2017
Full Text: Download Resource
Description (excerpt):
On December 18, 2015, Congress passed H.R. 2029—the Consolidated Appropriations Act, 2016—which was signed into law as P.L. 114-113. A provision contained in P.L. 114-113 repealed a 40-year prohibition, with exceptions, on the export of crude oil produced in the United States. Removing this prohibition and its associated restrictions provides producers, shippers, and traders with options to market and sell crude oil internationally. Prior to the removal of export restrictions, exceptions resulted in approximately 500,000 barrels per day of crude oil exports—nearly all to Canada— during 2015. Since the export prohibition was repealed, industry trade data indicate that crude oil has been exported to destinations that were previously not allowed. Monthly export volumes to these international markets have fluctuated but reached their highest levels in September 2016.