US refines ban on crude oil exports - WDAM - TV 7 - News, Weather and Sports

US refines ban on crude oil exports

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The U.S. Commerce Department OKs some export of crude oil. (Source: CNN) The U.S. Commerce Department OKs some export of crude oil. (Source: CNN)

(CNN) – The U.S. Department of Commerce has given the OK for two companies to export a light crude oil for the first time since the 1970s.

But, experts say the ruling does not necessarily mean the long-standing ban on crude oil exports will be lifted.

The Wall Street Journal reports the U.S. government cleared a form of ultra-light oil, known as "condensate," to be exported abroad.

The buyers could then turn the oil into gasoline, jet fuel and diesel. Condensate has been processed enough to make it less liable to explode, but requires further refining to be useable.

The Commerce Department reportedly ruled the stabilization process is enough that the oil is no longer crude.

A spokesman for the unit that made the ruling was not available to comment.

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