After 40 Years, First U.S. Crude Exports About to Ship

Let the era of U.S. oil exports begin.

ConocoPhillips Co. and NuStar Energy LP on Thursday plan to finish loading what will be the first tanker of freely traded U.S. crude oil in 40 years.

The companies have jumped ahead of Enterprise Products Partners LP, which said last week that it would load the first cargo of American crude in Houston during the first week of January.

It has been less than two weeks since President Barack Obama signed legislation lifting the long-standing ban on exporting U.S. oil., which was put into place during the 1970s.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.