January 4, 2015
OUR REPUBLICAN PRESIDENT:
Oil price dips further as US opens crude exports (Terry Macalister, 31 December 2014, The Guardian)
Further burnishing his trade legacy.The price of oil plunged to $55.91 per barrel on Wednesday as the US opened the way to crude exports and China produced another set of downbeat economic statistics that pointed to a global slowdown. [...]Brent was down by more than 3% at just under $56 at midday in the wake of moves by Barack Obama's administration to loosen restrictions on exports.The Department of Commerce in Washington said it had begun to approve requests to ship overseas processed light oil products after a long period of intense political debate.Analysts said the move could lead to over 1m barrels of ultra-light US crude entering the global market, intensifying a battle with Saudi Arabia and Opec."In practice this long-awaited move can open up the floodgates to substantial increases in exports by end 2015," said Ed Morse, global head of commodities research at Citigroup bank.
Posted by Orrin Judd at January 4, 2015 8:05 AM
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