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Senators Close in on Oil-Export Deal Amid Tax-Break Talks

  • Most U.S. crude oil exports have been banned since 1970s
  • House Democrats want Child Tax Credit indexation part of deal
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Senate negotiators are nearing a deal to allow unfettered U.S. crude oil exports for the first time in 40 years, though differences remain on renewable-energy tax credits that Democrats are demanding in return, according to people close to the discussions.

While any agreement could still collapse in the coming days -- the deal faces opposition in the House -- lawmakers are weighing the extension of solar and wind tax credits for as long as five years in exchange for lifting the crude-export restrictions, which were established to counter the energy shortages of the 1970s.