US gets closer than ever in lifting oil export ban

US is now closer than yet far away from lifting a 40 year ban on crude oil exports, which could reshape not only crude oil market but global geo-politics. The ban came into force back in 1970s, when Arab oil embargo pushed domestic crude oil price beyond roof.

Last week, Republican controlled US House of Representatives has passed bill to lift the ban by voting 261 in favor and 159 against.

• Republicans argued that it would bring about thousands of jobs for US economy and $25 billion in revenue by 2020.
• Moreover it would raise US's influence in global geo-politics and reduce Russia's dominance with its vast energy supply.

However, it could be still some time before this bill see the final green light. It would be very hard for republicans to pass it through Senate controlled by Democrats.

Moreover President Obama has threatened to veto the bill.

Question is not if, but when will the bill pass- after presidential election next year is most likely.