America lifts its ban on oil exports

US lifts 40-year-old ban on oil export

Question: The United States (US) has lifted a ban on oil exports after how many years?

(a) 30
(b) 20
(c) 40
(d) 50

Ans (c)

Related facts:

  • On 19 December 2015, United States lifted a 40-year-old ban on export of oil after US government passed a bill to do so.
  • The ban was lifted as President Barack Obama today signed into law the Omnibus USD 1.8 trillion spending package and tax bill for the current fiscal ending on September 30, 2016.
  • The removal of 40-year-old ban on oil export is expected to benefit the energy deficit oil-importing countries.

Reference:

http://indiatoday.intoday.in/story/us-lifts-40-year-old-ban-on-oil-export/1/551121.html

http://www.economist.com/news/finance-economics/21684531-light-sweet-compromise-puts-end-crude-market-distortions-america-lifts

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