The energy industry is one step closer to lifting the four-decade ban on exporting crude oil overseas today thanks to a deal that will allow trade of American oil with Mexico’s national oil company, Petróleos Mexicanos SA.
“PESA is encouraged by the move of the Commerce Department to open up crude oil trade with Mexico,” said President Leslie Beyer. “It’s a step toward a more progressive U.S. energy policy that encourages free trade, exploration, and job creation. However, a global lifting of the crude oil ban would allow America to assume its rightful place as a world leader in energy, support hundreds of thousands of jobs and bolster our nation’s energy security. The time is now.”
The amount of crude exchange to be allowed under the deal was not revealed. Previously Pemex, as the company is known, sought permission to exchange as much as 100,000 barrels a day of its heavy crude for the lighter oil pumped in the U.S.