Wednesday, December 31, 2014

US Eases Oil Export Ban

The Obama administration has begun to ease America's 40 year ban on exporting crude oil.

The US Department of Commerce has told oil companies they can begin to export shipments of condensate - a particular high grade form of crude - without going through the formal approval process.

As Lorna Shaddick reports from Washington, it's being seen as a shot at global oil cartel OPEC, of which the US isn't a member. 

IN: The announcement from...
OUT: SOC
DUR: 44 seconds
POT: 36 seconds