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The United States Congress has voted to approve a bill lifting the 40 year ban on export of crude oil, according to a report from CBC.
Chairman of the House Energy and Commerce Committee, Fred Upton, said that US policy should embrace a new reality of energy abundance.
The export ban originally came into effect when oil shortages were common, in contrast with today's oversupplied oil market.
Currently, Canadian producers need a re-export permit to ship crude to the Gulf Coast, and then export it to Asia via the Panama Canal. This would no longer be required if the ban is lifted.
Lifting the export ban could potentially lower the price differential between WTI and Brent crude.
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