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.


‘Buy now, pay later’ doesn’t feel like debt. For young people, that can be a big problem
China’s robots can run faster than Usain Bolt – now they are being prepared for war
Who should own the knowledge that underpins AI technology?
1 in 3 uni students experience serious financial hardship. Could concession cards for all help?
Big AI wants to slow down AI research. Is it a safety pause or a strategic retreat?
Banking scandal rocks Brazil’s politics and the country’s presidential election in October
Unsustainable – or manageable? We don’t yet know how data centres will impact Australia’s environment
Physicists zoom into the birth of cosmic rainstorms with new CERN study
Synthetic data could ease people’s concerns about privacy breaches. But who gets to create it? 



