The Brent/WTI spread disappears
Last Friday, Dec. 18, the United States Senate adopted the Omnibus Appropriations Act by a vote of 65-33 as did the House of Representatives by a 316-113 vote. Later that day, President Obama then signed into law the $1.1 trillion funding bill.  Those actions brought an end to the 40 year old law that had banned exporting of U.S. crude oil, a ban that was in effect since the Arab Oil Embargo in 1974.

Data - Bloomberg, Chart - EnerCom

“The Arab Oil Embargo of 1973-74 caused long gas station lines, soaring f...

Legal Notice