US oil production is booming,pitting Republicans against Democrats over whether to repeal a 1970s-era prohibition on domestic crude exportsOil is fuelling another battle in Washington. As domestic crude oil production gushes to multi-year highs, the president and his Republican opponents are battling over whether to finish the 40-year-old ban on exporting US crude.
Republicans say the ban, and which was enacted during the Arab oil embargo of the 1970s,and kept in position for years because US production was low, is a relic of another time. Many analysts agree – to some extent.
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Source: theguardian.com