After more than four decades, it looks like America is getting back into the oil export business again.
For the first time since the 1970s, Washington has opened the door to sending more U.S. crude abroad.
Of course, the United States has been exporting oil products for some time now.
In fact, America is now the largest exporter of products like gasoline, low-sulfur heating oil, and diesel fuel in the world.
But until now, companies were hamstrung when it came to the raw material itself.
Of course, there have been a few exceptions. Very heavy California crude, which has to be sold at a deep discount and for which there is not a ready domestic market, has received some permissions to export. In addition, a few tolling programs – where the raw material is exported out and finished products are imported back in – have been allowed.
But for the lion's share of what is pumped out of the ground at American fields, the domestic market has long been the only option.
This change in policy promises to open up new opportunities for investors…