US challenges oil export ban with approvals for two Texas companies
YEREVAN, June 25. /ARKA/. The Obama administration has cleared the way for two energy companies to sell an ultralight variety of oil overseas after minimally processing it, a decision that tests the limits of a long-standing ban on exporting U.S. crude, FuelFix reports.
The move, which came in private classification orders issued by the Commerce Department’s Bureau of Industry and Security, effectively confirms that hydrocarbon known as condensate qualifies as a petroleum product once it has been processed in a distillation tower, and therefore is not barred by the 39-year-old ban on crude exports.
Unlike unprocessed crude, companies can freely sell gasoline, diesel and other petroleum products overseas. –0--