United States lifts 40-year-old ban on oil export

The United States (US) has lifted a 40 year ban on oil exports marking a historic shift for the booming US oil industry.
This decision was taken as part of a 1.1 trillion dollars spending bill to fund US government until 2016 received assent of President Barack Obama
This move will help in economic growth and in turn create jobs along with new revenues, prosperity and enhanced energy security for other countries.  It would pave the way for energy deficient countries including India to open up another frontier and diversify import basket of oil from US.
Background
The ban of crude oil exports was born of oil shock of 1973-1974 due to Arab oil embargo that had sent global shooting up of oil prices. The ban was first imposed in 1975 after Arab members of the Organization of the Petroleum Exporting (OPEC) Countries had banned oil exports to the US in retaliation for its support of Israel during the Arab-Israeli war. The ban was imposed by US mainly for seeking greater energy independence. US also had created an emergency stockpile of crude oil the Strategic Petroleum Reserve in 1975.

Month: Current Affairs - December, 2015