WASHINGTON (Pakistan Point News / Sputnik - 22nd August, 2018) A US law ending a 40-year ban on exports of crude oil is responsible for exports from the state of Texas Gulf of Mexico Coast surpassing imports for the first time in April and again in May, the House of Representatives Energy and Commerce Committee said in a press release on Wednesday.
"In April, oil exports in the Houston-Galveston port district exceeded imports by 15,000 barrels a day, and in May, that difference grew to 470,000 barrels a day," the release said, citing data from the US Energy Information Administration (EIA).
In 2015, the US ended a ban on oil exports that was imposed amid a series of energy crises in the 1970s, when the OPEC oil cartel dominated global energy supplies, the release explained.
The EIA, in its most recent Annual Energy Outlook, predicted that the US will become a net exporter of oil and natural gas by 2022.
