The United States lifted a 40-year-old ban on export of oil, thus paving the way for energy deficient countries like India to open up another frontier to import oil from a distant friendly nation. 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 move was welcomed by the industry, while pro- environmental groups were critical of it.

Business Roundtable welcomed the move to end the ban on the export of US crude oil, a policy enacted during the 1970s. Business leaders representing every sector of the US economy applaud Congress for voting to end the outdated ban on American oil exports. Presently US is the world’s number one oil producer, and removing this artificial export restriction will strengthen the nation’s strategic position in global energy markets.

Republican presidential candidate Chris Christie said “the oil export part of it is great, it’s good for Americans, it’s good for the oil industry, it’s good for the world,”.