Free Lunch

[guywhofishes]

 

[Obi-Wan]

I never understood what that was supposed to mean. The only thing it could mean is restricting private oil and gas companies to no longer sell to the open (global) market. Pretty anti-capitalist. Were they going to subsidize sales to offset profit loss to keep their products in the state, AKA socialism?

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• The U.S. ban on crude oil exports was established by Congress and the Ford administration through the Energy Policy and Conservation Act of 1975, following the 1973–1974 Arab OPEC oil embargo. [1, 2]
  Key details of the ban and its removal:
  • • The Origin: Imposed in 1975 to promote domestic energy independence and stabilize local fuel prices after foreign oil embargoes shocked the U.S. economy. [1, 2, 3]
    • The Repeal: The 40-year-old ban was lifted in December 2015 when Congress repealed the restriction through an omnibus spending bill signed into law by President Barack Obama, allowing unrestricted exports of U.S. crude oil. [1, 2, 3]