Monday, July 21, 2014

Crude Oil Export Ban Since 1975 Back in Play: New GOP Opportunistic Ploy

Nice Graphic Snatched from the ED SHOW on MSNBC

Do You Remember Those Days
(I do)

Some background firstThe Energy Policy and Conservation Act of 1975 was signed into law by President Gerald Ford that blocked exports of U.S. crude oil and natural gas but allowed the president to exempt shipments “which he determines to be consistent with the national interest.”

(That law followed on the heels of the oil embargo from OPEC in 1973 that drove up gas prices and starting hurting the U.S. big time).

There were a few minor exceptions to that law over the years, such as limited exports from Alaska or to Canada. With the United States importing vast quantities of oil to meet consumption, the export ban wasn’t a big issue. But now with the surge in U. S. domestic oil production, the U. S. oil industry (pushed by the GOP) has been loudly demanding that the Obama administration lift the de facto ban on crude oil exports. 

Headlines now, and a lot based on the downing of the MH-17 over the Ukraine and GOP-generated panic coupled with an opportunity, they think to get the ban lifted entirely. A good rundown on that aspect is presented below from the ED SHOW (about 17 minutes):

Thought you'd like to know. Thanks for stopping by.

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