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Global Trade & Sanctions LawPublished on:
Lifting of 40-Year Statutory Crude Oil Export Ban Signed into Law
On Friday December 18, 2015 the President signed the Consolidated Appropriations Act, 2016, which funds the Federal government through the 2016 fiscal year. Among many other non-funding related provisions, section 101 of Division O of the Act removed the 40-year ban on the export of crude oil. It repeals Section 103 of the Energy Policy and Conservation Act (42 U.S.C. § 6212), the cornerstone of the prohibition on exporting crude, and provides that “[n]otwithstanding any other provision of law … no official of the Federal Government shall impose or enforce any restriction on the export of crude oil.”
