originally published by the public media reporting collaborative Inside Energy
MIDLAND, Texas — The price of a barrel of U.S. crude oil has plummeted by more than 50 percent since June 2014. U.S. producers claim that they’re at a competitive disadvantage because they’re restricted to selling their oil domestically at a time when they desperately need new markets to sell their mounting inventories.
Legislation to lift the ban has passed in the U.S. House Committee on Energy and Commerce and the Senate Banking Committee will attempt to craft its version shortly.
The debate is hardly cut and dried because some of the major players in the American energy sector oppose the idea.