US Lifts 40-year Ban On Fuel Export - Business - Nairaland
Nairaland Forum / Nairaland / General / Business / US Lifts 40-year Ban On Fuel Export (3029 Views)
GT Bank Lifts Restrictions And Limitations On Its Naira Mastercard / CBN Lifts Forex Ban On Toothpicks And 47 Other Items / FG Lifts Ban On 41 Imported Items (2) (3) (4)
| US Lifts 40-year Ban On Fuel Export by Nobody: 9:28pm On Dec 19, 2015 |
The United States Congress has lifted the 40-year-old ban on the export of the country’s crude oil, as part of an omnibus budget bill. Lifting the oil export ban, which was one portion of the $1.1tn spending bill that sailed through Congress on Friday, marks a historic shift for the booming US oil industry. The Senate, in a 65-33 vote, approved lifting the ban, while the House of Representatives passed the legislation earlier in the day by a 316-113 tally. President Barack Obama later signed the 2016 spending bill, which includes a provision that would allow the export of US crude for the first time in more than 40 years. The Chairman of the Senate Energy and Natural Resources Committee, Lisa Murkowski, hailed the passage of legislation that would lift the 40-year-old ban on domestic crude oil exports. “By lifting the domestic crude oil export ban, we are sending a signal to the world that our nation is ready to be a global energy superpower. With crude exports comes job creation, economic growth, new revenues, prosperity, and enhanced energy security for our allies and ourselves,” Murkowski said. “The omnibus may be a short-term spending bill, but thanks to this provision it will deliver long-lasting benefits for our nation and the world.” Murkowski first proposed lifting the ban on crude oil exports in January 2014 and since then has built a solid case for modernising the nation’s energy policies. Congress, concerned about US dependence on imported oil, imposed the crude oil export ban after the Arab oil embargo of the early 1970s that sent gasoline prices soaring and contributed to runaway inflation. Arab members of the Organisation of the Petroleum Exporting Countries imposed the embargo following the US decision to re-supply the Israeli military during the 1973 Arab-Israeli war. US oil producers will now be able to sell crude to the already saturated international market. The bulk of US oil comes from shale producers. Production and exploration companies argued the ban – imposed during the Arab oil embargo in the mid-1970s – was outdated and unnecessary. Opponents claimed that lifting the ban would lead to the loss of oil refining jobs and would be bad for the environment. As a trade-off for lifting the ban, the spending bill includes tax breaks for solar and wind power and a pledge by Republicans not to block a $500m payment to the UN Green Climate Fund. http://www.punchng.com/us-lifts-40-year-old-ban-on-crude-oil-exports/ 3 Likes |
| Re: US Lifts 40-year Ban On Fuel Export by Demmocrats(m): 9:29pm On Dec 19, 2015 |
 |
| Re: US Lifts 40-year Ban On Fuel Export by cheruv: 9:34pm On Dec 19, 2015 |
Naijiria, ndo! 2 Likes |
| Re: US Lifts 40-year Ban On Fuel Export by Nobody: 9:34pm On Dec 19, 2015 |
This is more bad news for our oil sector. I don't think we'd ever get the US to buy our oil again  |
| Re: US Lifts 40-year Ban On Fuel Export by Oblitz(m): 9:45pm On Dec 19, 2015 |
the giant of Africa has fallen. watch as oil prices would further reduce 8 Likes |
| Re: US Lifts 40-year Ban On Fuel Export by doctokwus: 10:01pm On Dec 19, 2015 |
This news is even worse than that of Iran re-entering the global oil market. Oboy, oil may reach $20 next year! In a well managed economy, it cud actually have made things cheaper in Nigeria because of d reduced spending on fuel,but in Nigeria $20 oil means real hard times awaits!! 2 Likes |
| Re: US Lifts 40-year Ban On Fuel Export by MyGeneration(m): 10:34pm On Dec 19, 2015 |
wud I blame this on Gej or Buhari has badluck smhw. 4 Likes |
| Re: US Lifts 40-year Ban On Fuel Export by EternalTruths: 10:42pm On Dec 19, 2015 |
When I tell people that Buhari has no God's grace backing him, they think I am being sentimental. See how the God of the 5% is fighting back for his people.  11 Likes 2 Shares |
| Re: US Lifts 40-year Ban On Fuel Export by suskumayaya(m): 10:43pm On Dec 19, 2015 |
Nigeria |
| Re: US Lifts 40-year Ban On Fuel Export by LordAdam: 10:44pm On Dec 19, 2015 |
Waiting for someone to blame GEJ for this. Eiya, PMB I have so much pity you right now. Those that laid cloths on the ground for you when you entered power will be those that will crucify you in THE FULLNESS OF TIME. 2016 will be rough. -Lord 5 Likes |
| Re: US Lifts 40-year Ban On Fuel Export by Meiji(m): 10:57pm On Dec 19, 2015 |
I read somewhere that the WTI grade of US crude is quite similar to ours - implying that they'll be in direct competition with us in the crude oil market. Buhari won't have it easy. I don't envy him. 1 Like |
| Re: US Lifts 40-year Ban On Fuel Export by MyGeneration(m): 11:06pm On Dec 19, 2015 |
Meiji:Nigeria cannot compete with the U.S on oil export except Nigeria wud fix the fuel price by itself but the us wud always find a way. But who cares Nigeria had its chance but was busy chasing ghosts fighting amongst itself. 3 Likes 1 Share |
| Re: US Lifts 40-year Ban On Fuel Export by Sweetguy25: 11:09pm On Dec 19, 2015 |
Buhari is cursed. Satan swear for that man.  2 Likes |
| Re: US Lifts 40-year Ban On Fuel Export by MyGeneration(m): 11:09pm On Dec 19, 2015 |
those people shouting resource control shud be happy about this, they wud soon get it. |
| Re: US Lifts 40-year Ban On Fuel Export by MyGeneration(m): 11:15pm On Dec 19, 2015 |
MyGeneration: |
| Re: US Lifts 40-year Ban On Fuel Export by Nobody: 11:18pm On Dec 19, 2015 |
To an already flooded market. Green energy is the way to go now since they are also taxing oil company to death and giving tax relief to renewable energy companies. |
| Re: US Lifts 40-year Ban On Fuel Export by Technocrat1759(m): 11:32pm On Dec 19, 2015 |
We had d chance all this years to have put our country above the sky's but we were busy sharing it amongs the greedy few. Now let me see who will come and die 4 them again. 6 Likes |
| Re: US Lifts 40-year Ban On Fuel Export by babadee1(m): 11:42pm On Dec 19, 2015 |
EternalTruths: This is foolishness. To think that God is fighting for his people by afflicting them with economic hardships. 8 Likes 1 Share |
| Re: US Lifts 40-year Ban On Fuel Export by otokx(m): 11:45pm On Dec 19, 2015 |
babadee1: Poverty is actually in the mind. 1 Like 2 Shares |
| Re: US Lifts 40-year Ban On Fuel Export by NwaNimo1(m): 12:00am On Dec 20, 2015 |
Nigerians . . . prepare for your re enslavement! 1 Like |
| Re: US Lifts 40-year Ban On Fuel Export by TimeManager(m): 12:03am On Dec 20, 2015 |
1. This Goes To Confirm That The U S Is Battle Ready For Terrorism. 2. It's Obvious Some People Do Not Follow This Govt Religiously Otherwise They Wont Trashtalk As Though The Future Is Bleak. This Government Is Investment-driven, The Proposed Budget Is A Snipet On Such A Direction.Hopefully U S can Pull This Off Sooner Than Expected With Oil Price Dip As Low As 20pb. Such Multipler Effect Will Be Positive On The Economy In The Long Run. Previous Governments Were Spending Without Investing, a Major Bane On The Economy. Oil Must No Longer Be Our Major Forex No longer. The Truth Has Spoken! 2 Likes |
| Re: US Lifts 40-year Ban On Fuel Export by Nobody: 12:07am On Dec 20, 2015 |
EternalTruths: There is a huge brass plate over Nigeria as long as Buhari remains in office. |
| Re: US Lifts 40-year Ban On Fuel Export by Leopardd(m): 12:11am On Dec 20, 2015 |
our oyel people.  na dem go suffer am pass eh. |
| Re: US Lifts 40-year Ban On Fuel Export by Nobody: 12:12am On Dec 20, 2015 |
EternalTruths: There is a huge brass plate covering Nigeria from heavenly grace A long as Buhari remains in office in Nigeria, nothing will work" for "the decree is by the watchers to the intent that the living may know that the Most High rules in the Kingdom of men". The Oracle has spoken, whatever you think does not matter. Buhari offended God Almighty and God is fighting back. Nigerians happen to be the "suffering grass" unfortunately, Buhari will never repent but like Pharaoh would continue to fight on. Soon, even his "own family and supporters" will turn against him for his injustices and lies. God is not mocked!!! 2 Likes |
| Re: US Lifts 40-year Ban On Fuel Export by Adesiji77: 12:27am On Dec 20, 2015 |
US oil producers will now be able to sell crude to the already saturated international market. It is a no-brainer that the price of crude oil is set to go further south... Cc: lalasticlala, dominique, Seun |
| Re: US Lifts 40-year Ban On Fuel Export by braine(m): 12:30am On Dec 20, 2015 |
When a budget was put in place by NNPC for exploration in the North, Nigerians were screaming that the world has moved onto renewable energy. Anyway, this just proves America as an hypocrite after signing and hailing the Paris Agreement on Climate change. 2 Likes 1 Share |
| Re: US Lifts 40-year Ban On Fuel Export by East2West: 12:50am On Dec 20, 2015 |
EternalTruths: Xetima: Sir. Such comments as above are d ones dt make d unbelievers take God words lightly. Bringing His name to justify mundane things is not necessary at all. We have nations without God dt are yet regarded as successful in ds world. Is He selective in His fights? U even used d name "God Almighty" in d same context with "God fighting back". Do u really kno d import of d word God Almighty?. And d other threw in God's grace just because USA lifted ban on oil export. I guess dt same God in His Word instructs u to pray for ppl in authority and leaders. I guess it all be great if we stick to such instructions else we drag His name into wat is not and wat is not true. Pls lets set aside emotions and do His word and not drag spirituals into human sentiments and earthly achievements. 6 Likes 1 Share |
| Re: US Lifts 40-year Ban On Fuel Export by Nobody: 1:13am On Dec 20, 2015 |
East2West:It changes nothing. The decree remains in enforced. Were you in Afghanistan all the while? Your sudden patriotism smack of hypocrisy. Creating a new account to deceive others is not a reason for us not to know where you stood all the past years of abuses, lies, propaganda, killing, maiming etc to get power. You think you can mock God? No you can only deceive men!!! 2 Likes |
| Re: US Lifts 40-year Ban On Fuel Export by East2West: 1:34am On Dec 20, 2015 |
Xetima: U r funny and too emotional Sir. Which decree u dey talk? U b IBB?. Your response shows u r really hurt about sometin but don't allow dt cloud u. Did I mention patriot or ism at all? Did I stop u from abusing, lying or deception as u mentioned? Millions do dt daily here to express their anger and pain. U can too but bringing d name of God to justify ur sentiments is not necessary. Don't drag such into ur hatred with d President or d nation. U only give rooms for d ones outside to accuse God. And note dt only kids change goal post to save face of defeat. I won't change account for gains in emotional discuss. And if u kno any kindly point it out. Thanks. 6 Likes 1 Share |
| Re: US Lifts 40-year Ban On Fuel Export by Nobody: 1:37am On Dec 20, 2015 |
we need a good lobbyist in the government. buhari should throw away the present appointees and bring in somebody like soludo or ezekwesili. These two are internationally known, they can help us talk to investors and open more markets for our crude. Ibe kachikwu should be given more leverage and dont see the reason why buhari will be the petroleum minister because at this point in time he might not offer much. Then we should diversify our economy. export more and cut down imports. or else we are in serious trouble. 4 Likes |
| Re: US Lifts 40-year Ban On Fuel Export by 2sex(m): 3:09am On Dec 20, 2015 |
Xetima:you are sick 1 Like |
| Re: US Lifts 40-year Ban On Fuel Export by sosanova: 5:17am On Dec 20, 2015 |
Buhari n his CHAIN government will have it very rough n 2016 |
My Experience of my Fishpond Business From Start To Finish (photos) / Kpomo/kanda Raw Meat For Sell In Wholesell Quantity. / Get Non Interest Agro Funding And Training And Earn Million From A New NGO
(Go Up)
| Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 50 |