US Congress may approve several bills concerning spending and tax legislation. However, a lift of the 40-year ban on oil exports will be the center of the deal, The Wall Street Journal reported with the reference to the Congress leaders’ advisors who are members of both parties. Earlier, US President Barack Obama announced that he was going to impose a veto on the law allowing oil exports. However, the new code includes renewable-energy support and environmental protection promoted by the White House.
It is noteworthy that the embargo lift is lobbied by oil companies that are sure that exports will increase oil delivery to a lot of producers who are suffering from low oil prices. Some representatives of the Democratic Party and oil manufacturers do not support the decision as they are concerned about higher petrol prices.
Since August 2008, the shale oil boom has boosted US oil production by almost 90% that together with decreasing oil prices spurred a drop in petroleum prices to the lowest level last seen in 2009. According to EIA predictions, in 2016, the average petrol price will be $2.36 a gallon or $0.53 and $0.62 a liter.
