WASHINGTON (Sputnik) — Enterprise specified that it will ship domestic light crude oil during the first week of January. The company added the shipment would provide "global markets with supply diversification" and new markets for domestic US producers.
"We are excited to announce our first contract to export US crude oil, which to our knowledge may be the first export cargo of US crude oil from the Gulf Coast in almost 40 years," chief operating officer of Enterprise’s general partner, A.J. Teague, said in the company’s statement on Wednesday.
On December 18, President Barack Obama signed the 2016 omnibus spending bill into law to fund the US federal government’s operations. The bill included the lifting of the forty-year ban on US oil exports in exchange for multi-year tax credits for renewable energy.
Over the past two decades, the United States has only been able to export limited amounts of oil in North America and to some of its close allies.