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 Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam