You might be surprised to learn that the US does not export crude oil. But it’s true; the United States embargoed the export of black gold forty years ago. And many Texas lawmakers would like to see the ban overturned,reports StateImpact. In fact, the US House of Representatives may soon take up the measure.
US oil exports were halted in the 1970s after OPEC began reducing production by five percent per month. The move was an attempt to force Israel to withdraw from occupied territories. As resources dwindled, US vulnerabilities in the crude oil realm were revealed. Thus, the embargo was born.
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But now some lawmakers say lifting the ban would be good for business in oil-rich states like Texas. Critics of the plan, however, insist it will only hurt the economy and the environment.