Oil Industry May Argue Export Limits Violate Internat’l Trade Rules

The U.S. oil industry may invoke international trade rules in challenging restrictions on crude exports. The restrictions have been in place since the 1970s, and are onerous for the industry now as it experiences a domestic boon, producing more oil than it has in decades. Current restrictions date back to a law passed in the wake of the Arab oil embargo of the 1970s.  They apply to crude oil only, not refined products like gasoline.