The US has become a major player in the global oil market, with record-breaking crude oil exports in 2023 following the lifting of a decades-long ban.
Fresh on the heels of a new U.S. oil production record and establishment of the U.S. as the world’s top liquefied natural gas LNG exporter, this week the Energy Information Administration reported that the U.S. exported a record amount of crude oil in 2023. The U.S. has exported small amounts of crude oil for over 100 years, despite being a net importer of crude oil. Although there was a crude oil export ban in place, some exports were allowed, primarily to Canada.
The president can impose export licensing requirements for up to a year after declaring a national emergency, or if the secretary of commerce reports that crude oil exports are causing supply shortages or sustained premiums on domestic crude above global prices. Following the passage of the bill, oil exports immediately began to climb.
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