Sanction on Oil Export to be Lifted Imposed 40 Years Ago

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Wyoming drilling rigs

An authentic source informed that leaders and a number of members of the U.S Congress have agreed to lift the sanction which was imposed in the year 1975 on oil exports.

The ‘Bloomberg’ news agency published that one of the American Republican Congressmen Joe Barton from Texas said on Wednesday that it is considered as an extraordinary shift in the U.S strategy for energy and it would enable the United States as the top in the energy policy all around the world. But, this suggestion is still needs to be approved and authorized by the House of Representatives and the Senate, and then final approval by the U.S President Barak Obama.

It is important that the U.S House of Representatives have voted twice in the last two months on the draft law forwarded by the Republicans in the U.S House of Representatives in order to lift the sanction on the export of oil from America. But, both times the bill was not forwarded to the U.S Senate. It is important that the current U.S administration of Barak Obama also disagree for lifting the sanction. The increasing extra pressure on the U.S government is increasing to lift the sanction due to the significant increase in the production of oil in the United States. The Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Abdullah Al Badari stressed that lifting of sanction for export of the U.S crude oil would not reflect any kind of positive or negative impact on the global oil prices.

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