Democrats Evaluate U.S. Oil Embargo - KMOT.COM - Minot, ND - News, Weather, Sports

Democrats Evaluate U.S. Oil Embargo

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North Dakota is set to hit one million barrels per day in terms of oil production this year as two senators are calling to review the United State's policy on exporting oil to other countries.

Since the 1973 an oil embargo in the United States allows the country to send only refined oil products to other countries. But two senators are asking the Energy Information Committee to study how lifting the embargo would affect the economy.

"There would likely be an increase in gas prices for a short while but people must understand we've been exporting gasoline and diesel fuels to Europe for years now," says Eugene Graner, Heartland Investment. "Let's give them the oil and we'll keep more of our gas and diesel fuel and build out our infrastructure and increase oil production in North America and let it be sold. We want the gasoline."

The U.S. government has authorized 2 licenses of crude oil to the UK and Italy, which are the first permit shipments to a European Country since 2008.



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