The first tanker loaded with “liquid American freedom” arrived in the French port of Fos Lavera today. Late last year, President Obama signed a bill lifting the 40-year-old ban on crude oil exports into law – a priority of the House Energy and Commerce Committee. The International Business Times notes, “Vitol, the world’s largest independent oil trader, is expected to unload Wednesday’s shipment at the French port, where it will then travel by pipeline to one of two refineries the company operates in Europe…”
Oil Markets: First ‘Liquid American Freedom’ Tanker Of Crude Arrives in Europe After Obama Lifts Export Ban
The first export of U.S. crude oil in four decades arrived in Europe early Wednesday. The oil tanker, carrying a cargo dubbed “Liquid American Freedom” by some American lawmakers, reached the French port of Fos Lavera before sunrise after leaving from Texas nearly three weeks ago, the Financial Times reported.
The shipment marks the first delivery of American oil since President Barack Obama in December signed a bill lifting a 40-year-old oil export ban. Former President Gerald Ford first enacted the ban during the height of the 1970s oil crisis. The idea was to ensure American independence from foreign energy supplies and to limit the nation’s exposure to political and economic crises abroad.
But as U.S. crude production surged over the last decade — driven by shale drilling in Texas and North Dakota — the oil industry and policymakers increasingly called for lifting the oil export ban. U.S. refineries have struggled to keep pace with the supply boom, and producers were eager to sell their crude in overseas markets, particularly Europe and China.
Republican members of the congressional Energy and Commerce Committee said lifting the ban would benefit U.S. shale companies, boost American energy security and help “our allies in Europe” by giving them alternatives to Russian crude, the Financial Times noted. …
Read the article online HERE.