Shale Drillers Are Now Free to Export U.S. Oil Into Global Glut
- U.S. crude supplies at 85-year high after production boom
- Lifting of 1970s ban potential lifeline amid shale glut
WTI-Brent Spread May Hinder U.S. Oil Export Plan
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U.S. shale drillers will soon be able to sell their oil all over the world. Too bad no one needs it right now.
A congressional deal to lift the 1970s-era prohibition on shipping crude overseas has the potential to unleash a flood of oil from Texas and North Dakota shale fields into markets already flush with cheap supplies from the Persian Gulf, Russia and Africa.