US ban on crude exports receives fresh scrutiny
The shale revolution has led to talk of easing the decades-old restrictions on the export of US crude oil – but how likely is that to happen? Alexander Osipovich reports
The boom in North American shale oil production has overturned many long-held assumptions about US energy security. No longer does the US appear doomed to import steadily rising amounts of petroleum from unsavoury regimes in the Middle East. In fact, the proportion of US crude consumption from imports dropped from 60% in 2005 to 45% last year, and by 2035 that figure is projected to dwindle to 36%, according to the US Energy Information Administration (EIA).
That trend has raised a question that
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