Foreign-bound oil is first since 40-year ban recently lifted.
ConocoPhilips Co. and NuStar Energy, LP loaded the tanker pumped from the Eagle Ford Shale of South Texas. Vitol Group, Dutch oil-trading company, is buying the oil according to NuStar.
The legislation lifting the 40-year ban was signed two weeks ago.
Whether lifting the ban will help or hurt oil pricing is to be seen. But, from a foreign policy point of view it seems that the United States should help its friends when they have a shortage of oil due to unforeseen tragedies. After all, when Hurricane Katrina hit the gulf coast and curtained oil production, the United States had to rely on foreign oil imports.
OPEC has used crude oil as a tool to hurt the United States during the 1973 Opec Oil Embargo. Why shouldn’t we use it as a tool to help those countries who support democracy and free enterprise?
There was one unanticipated country who apposed lifting of the crude oil export ban…that was Canada. They were counting on the Keystone Pipeline through the United States to create new markets for its crude oil from its oil sands. Well there is always someone unhappy with any political decision.