House votes to repeal crude export ban

On October 9 the US House of Representatives approved a bill to repeal a 40-year ban on exporting domestically produced crude oil, with balloting largely along party lines.  However, the real test is in the narrowly divided Senate, where stand-alone export legislation is far less likely to advance and well as the threat of a presidential veto.  From a commercial stand-point, a change in policy would have little impact on US crude oil export volumes today as US crude oil producers realize a higher netback selling their volume on the US Gulf Coast.