The talks in the U.S. government ushered in a new era of crude oil exports. After long-lasting negotiations, senior officials took a decision that satisfied all parties. Finally, exports of crude to Europe were authorized. The U.S. oil producers will now have access to the European markets. The U.S. authorities lifted a 6-year ban on crude exports to the European countries. In late 2013, the U.S. Department of Commerce granted four licences: two of them entitle exporters to sell the UK crude; another two, to vend it to Italy. One more license request submitted earlier in the year is in turn for approval. In case it is approved, Germany will be another exports destination. In total, the U.S. plans to export to Europe crude oil worth $7 billion. This particular amount is specified in the agreement. American Chamber of Commerce and crude producers were its major supporters. American Chamber of Commerce unites the most powerful representatives of businesses. The government pays attention to the organization’s requests and this time they were fulfilled. Back in 1975, the U.S. imposed a ban on exporting crude. Suppliers had to get special government approval for each deal; Canada was the only exception. In this way, the U.S. restrained growth of domestic fuel prices. Now when it less depends on crude imports with its increased oil production, suppliers are allowed to sell crude in Europe where the price is much higher. Moreover, the shale gas revolution makes its contribution. Thus, shale gas production was marginal investment earlier. Today, amid growing oil prices, development of shale resources becomes profitable.
