US officially exports crude oil again after 40 years

Just weeks after the US Congress lifted the ban of crude oil export lasted 40 years, the first tankers left the port of the US to Europe.

The first trains transport crude oil are traded free is a symbol of the country's new role as a leading oil producer.

US officially banned exported oil in 1975 , is 2 years after the Organization of Petroleum Exporting Countries (OPEC) enacted oil embargo to ban oil sales to the US and this has caused gas prices soared. The photographs in newspapers about each car line was long front the gas station has become a popular image and worrying.

40 years have quickly passed and the world has witnessed many changes markedly with the explosion of oil production from shale revolution, leading to oversupply and recently oil prices dropped  USD 30 / tank.

Just one year ago , the US oil was product sell well on the global market. WTI oil was cheaper than Brent oil , global oil benchmark, 12 USD. This means that European buyers are willing to face with the huge cost, related to the transportation of oil across the Atlantic . But that has changed, WTI oil price is currently lower  1-2 USD than Brent oil.

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