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How a US decision to allow oil exports could change the world’s energy balance
The Obama Administration has taken a bold step toward loosening the grip of tense geopolitics on oil prices, reports the Wall Street Journal (paywall), giving the first permission in four decades for the export of unrefined American oil. The decision—not made public but announced in the form of private letters from the US Commerce Department to two oil companies, according to the paper–seems certain to cause a stir in global oil markets and perhaps send prices lower. + Global oil prices have surged because of the political turmoil in the Middle East and Africa–the march of Islamic militants in Iraq, the ... (full story)
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