By Chris Agee
March 29, 2018 at 9:50am
A 2015 decision to reverse a decades-old ban on exporting U.S. crude oil has coincided with a steep spike in global shipments not predicted by some experts at the time. For 40 years beginning in 1975, the majority of domestic oil production was barred from exportation under the Energy Policy and Conservation Act, a reaction meant to give the U.S. some control over its supply amid shortages and drastically increased prices. Though some oil was exempted by the U.S. Department of Commerce during those years, exports remained low until Congress reversed the act just over 2 years ago. In the wake of that December 2015 decision, a number of analysts predicted the move would have a limited impact on the shipment of oil from the U.S. to ports around the world. A CNN article published the following month cited several of those opinions.
Ms. Cat’s Chronicles 