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America poised to export oil for first time in 40 years
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class='column-header'><a class="js-link" href="//cnn.com/world">World</a></h4> </li> <li class="section-column"> <h4 class='column-header'><a class="js-link" href="//cnn.com/politics">Politics</a></h4> </li> <li class="section-column"> <h4 class='column-header'><a class="js-link" href="//cnn.com/business">Business</a></h4> </li> <li class="section-column"> <h4 class='column-header'><a class="js-link" href="//cnn.com/opinion">Opinion</a></h4> </li> <li class="section-column"> <h4 class='column-header'><a class="js-link" href="//cnn.com/health">Health</a></h4> </li> <li class="section-column"> <h4 class='column-header'><a class="js-link" href="//cnn.com/entertainment">Entertainment</a></h4> </li> <li class="section-column"> <h4 class='column-header'><a class="js-link" href="//cnn.com/business/tech">Tech</a></h4> </li> <li class="section-column"> <h4 class='column-header'><a class="js-link" href="//cnn.com/style">Style</a></h4> </li> <li class="section-column"> <h4 class='column-header'><a class="js-link" href="//cnn.com/travel">Travel</a></h4> </li> <li class="section-column"> <h4 class='column-header'><a class="js-link" href="//cnn.com/sports">Sports</a></h4> </li> <li class="section-column"> <h4 class='column-header'><a class="js-link" href="//cnn.com/video">Video</a></h4> </li> <li class="section-column"> <h4 class='column-header'><a class="js-link" href="//store.cnn.com/?utm_source=cnn.com&utm_medium=referral&utm_campaign=navbar">Shop</a></h4> </li> <li class="section-column"> <h4 class='column-header'><a class="js-link" href="//cnn.com/vr">VR</a></h4> </li> <li class="section-column"> <h4 class='column-header'><a class="js-link" href="//cnn.com/more">More...</a></h4> </li> </ul> </div> <div class="subnav-business--social desktop"> <span>Follow CNN Business</span> <ul> <li> <a href="http://facebook.com/cnn" target="_blank noreferrer" rel="noopener" data-icon="facebook" aria-label="Facebook" name="Facebook"> <div class="cnn-icon 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url("//i.cdn.turner.com/money/.element/font/9.0/CNNSansDisplayW04-Regular.woff") format("woff"), url("//i.cdn.turner.com/money/.element/font/9.0/CNNSansDisplayW04-Regular.ttf") format("truetype"), url("//i.cdn.turner.com/money/.element/font/9.0/CNNSansDisplayW04-Regular.svg?#cnn-icons") format("svg"); font-weight: normal; font-style: normal; } body { padding-top: 0; } .main-banner.cnn-business li, .main-banner.cnn-business h3, .main-banner.cnn-business a, .main-banner.cnn-business ul { -webkit-touch-callout: none; -webkit-user-select: none; -khtml-user-select: none; -moz-user-select: none; -ms-user-select: none; user-select: none; } .main-banner.cnn-business { position: relative; background-color: #0C0C0C; height: 50px !important; /* override */ border-bottom: 0px; /* override */ font-family: 'CNN',Helvetica Neue,Helvetica,Arial,Utkal,sans-serif !important; z-index: 9999; } .main-banner.cnn-business.fixed { position: fixed; top: 0px; left: 0px; right: 0px; } .main-banner.cnn-business > .container { display: flex; justify-content: space-between; align-items: center; padding: 0; position: relative; width: 100%; } .main-banner.cnn-business > .container > div:first-child { flex-grow: 1; display: flex; align-items: center; } .main-banner--logo { position: relative; height: 100%; display: flex; align-items: center; } .main-banner--logo .logo-cnn { height: 50px; width: 50px; } .main-banner--logo .logo-business { height: 31px; width: 115px; /* override */ margin-left: .4rem; } .nav-business-subsections { display: none; margin-left: 70px; } .nav-business-subsections li { list-style: none; line-height: 22px; } .nav-business-subsections li a { font-weight: 400; font-size: 15px; color: #d9d9d9; margin: 0 .4em 0 0; padding: 0 .3em 0 0; transition: color 0.3s ease-in; } .nav-business-subsections li:hover a, .nav-business-subsections li a:hover { color: #fff; text-decoration: none; } .main-banner--search { position: absolute; top: 84px; left: 6px; width: 100%; z-index: 999; display: none; } .open .main-banner--search { display: block; } .main-banner--search form, .main-banner--search form.active { display: block; position: absolute; width: calc(100% - 70px); right: 52px; bottom: -21px; overflow: hidden; background: #0c0c0c; padding: 15px 8px 10px 19px; } .main-banner--search form input[type="text"] { width: 100%; height: 30px; border: none; padding: 0px 8px; outline: none; font-size: 16px; } .main-banner--search form input[type="text"]::placeholder { text-indent: 0px; font-size: 16px; } .main-banner--search form input[type="submit"] { display: none; } .main-banner--search .search-icon:before { content: "\f12b"; font-family: cnn-icons; font-size: 1.4666666667rem; font-weight: 700; line-height: 1.3636363636; color: #fff; width: 40px; margin-right: 12px; position: absolute; top: -38px; right: -4px; background: #0c0c0c; padding: 18px 7px 9px 9px; } .main-banner--menu { display: flex; align-items: center; width: 40px; height: 40px; position: absolute; right: -9px; } .js-toggle-subnav .menu-icon:before { content: "\f127"; font-family: cnn-icons; font-size: 1.4666666667rem; font-weight: 300; line-height: 1.3636363636; color: #a6a6a6; transition: color .3s; } .js-toggle-subnav .menu-icon:hover:before { color: white; } .js-toggle-subnav .menu-icon.open:before { content: "\f10a"; font-family: cnn-icons; font-size: 1.4666666667rem; font-weight: 300; line-height: 1.3636363636; color: #c00; transition: transform .3s, color .3s; } .main-banner .edition-placeholder { display: block; width: 100%; height: 40px; border-bottom: 1px solid #bfbfbf; margin-top: 50px; } header .ccpa-doNotSell-link { display: none; color: white; width: 100%; } header .ccpa-doNotSell-link p { font-size: 24px; font-weight: 500; } header .ccpa-doNotSell-link.show { display: inline-block; text-align:center; } /* EDITION SWITCHER */ /* .edition-switcher { display: flex; flex-direction: column; align-items: center; } .subav .edition-switcher { margin-top: 24px; } .edition-switcher { margin-right: 24px; position: relative; height: } .edition-switcher--dropdown ul li:hover { cursor: pointer; } .edition-switcher--dropdown { position: absolute; top: 100%; background: white; right: -10px; padding: 5px 24px; z-index: 100; border-radius: 0 0 4px 4px; box-shadow: 0 2px 6px 0 rgba(0, 0, 0, .25); } .edition-switcher--dropdown:before { content: ''; position: absolute; width: 0; height: 0; top: -5px; right: 10px; border-left: 5px solid transparent; border-right: 5px solid transparent; border-bottom: 5px solid white; } .edition-switcher--dropdown ul { text-align: left; } .edition-switcher--dropdown ul li { margin: 8px 0px; color: #737373; } .edition-switcher--dropdown ul li:hover { color: #232323; } .edition-switcher button { position: relative; height: 40px; } .edition-switcher button strong { font-size: 12px; } .edition-switcher svg { height: 10px; } .subnav .edition-switcher { margin-top: 24px; } .edition-switcher button { display: flex; align-items: center; border: none; outline: none; background: transparent; } .edition-switcher button strong { font-size: 18px; font-weight: bold; color: #fefefe; padding-right: 8px; } .edition-switcher svg { fill: #fefefe; height: 14px; transform: rotate(0deg); transform-origin: center; transition: transform 0.25s; } .edition-switcher.open svg { transform: rotate(180deg); } .edition-switcher--dropdown { display: none; } .edition-switcher.open .edition-switcher--dropdown { display: block; } .edition-switcher--dropdown ul { text-align: center; } .edition-switcher--dropdown ul li { list-style: none; margin: 16px 0; font-size: 14px; font-weight: normal; color: #efefef; } .edition-switcher--dropdown ul li.selected { color: #cc0000 !important; } */ /* SUBNAV */ .main-banner.cnn-business .subnav { display: none; position: absolute; top: 100%; height: calc(100vh - 40px); width: 100%; background-color: #0C0C0C; color: #d9d9d9; padding: 0; overflow-y: scroll; -webkit-overflow-scrolling: touch; } .main-banner.cnn-business ul { padding: 1rem; } .main-banner.cnn-business .subnav.open { display: block; background-color: #0C0C0C; } .subnav .section-column .column-header a { color: #fff; display: block; font-size: 22px; font-weight: 400; padding: .2em 0; text-decoration: none; } .subnav .section-column .column-header a:hover { text-decoration: none; } .subnav-business--subsections { border-bottom: 1px solid #404040; padding-bottom: 0px; } .subnav-cnn--sections { padding-top: 20px; border-bottom: 1px solid #404040; padding-bottom: 0px; } .subnav-business--subsections ul .section-column, .subnav-cnn--sections ul .section-column { display: block; text-align: left; } .subnav-business--subsections ul .section-column.section-column-morelink { display: none; } .subnav-business--subsections ul .section-column:last-child, .subnav-cnn--sections ul .section-column:last-child { margin-bottom: 0px; } .subnav-bordered-zone { border-top: 1px solid #404040; border-bottom: 1px solid #404040; padding: 22px 16px 24px; } .subnav .section-column .subsection-column { display: none; } .subnav .section-column .subsection-column li { list-style: none; padding: 0px; display: inline; } .subnav .section-column .subsection-column li a:hover { text-decoration: none; color: white; } .subnav .section-column .subsection-column li a { font-size: 13px; line-height: 1.5; font-weight: 400; color: #bfbfbf; -webkit-touch-callout: none; -webkit-user-select: none; -khtml-user-select: none; -moz-user-select: none; -ms-user-select: none; user-select: none; } .subnav-business--subsections ul { padding: 15px 0 0; } .main-banner.cnn-business .subnav { opacity: .95; } /* SOCIAL */ .subnav-business--social.desktop { display: block; padding: 25px 0 140px; text-align: right; position: relative; } .subnav-business--social.desktop:before { background-color: #d9d9d9; content: ""; display: block; height: 1px; left: 0; margin: 0 auto; position: absolute; right: 0; top: 0; width: 88px; } .subnav-business--social { display: flex; flex-direction: column; align-items: center; margin-bottom: 24px; text-transform: uppercase; color: #a3a3a3; } .subnav-business--social span { font-size: 15px; letter-spacing: -0.4px; font-weight: 500; margin-bottom: 12px; padding-right: 16px; } .subnav-business--social ul { display: flex; float: right; margin-right: 18px; margin-top: -13px; } .subnav-business--social ul li { list-style: none; } .subnav-business--social ul li ~ li { margin-left: 10px; } .subnav-business--social ul li:hover { cursor: pointer; text-decoration: none; } .subnav-business--social .cnn-icon:before { font-family: 'cnn-icons'; font-size: 20px; color: #a3a3a3; line-height: 50px; } .subnav-business--social li a:hover { text-decoration: none; } .subnav-business--social li a:hover .cnn-icon:before { text-decoration: none; color: #00C59E; } @media (min-width: 768px) { .nav-business-subsections { display: flex; margin-left: 28px; width: 600px; } .nav-business-subsections.open li a { color: #595959; } .main-banner--search form, .main-banner--search form.active { width: calc(100% - 32px); right: 38px; } .main-banner--search .search-icon:before { margin-right: 2px; right: 3px; padding-right: 0; width: 40px; } .main-banner .edition-placeholder { display: none; } .main-banner.cnn-business .subnav { opacity: .95; margin-top: 50px; } .subnav-business--subsections, .subnav-cnn--sections { text-align: left; margin-left: 40px; padding-bottom: 0; } .subnav-business--subsections { margin-top: 30px; } .main-banner.cnn-business ul { padding: 0; } .subnav-business--subsections ul .section-column, .subnav-cnn--sections ul .section-column { display: inline-block; padding: 0 1rem 2rem 0; width: 22%; vertical-align: top; } } @media (min-width: 900px) { .subnav-business--social.desktop:before { display: none; } } @media (min-width: 1024px) { .subnav-business--subsections ul .section-column.section-column-morelink { display: block; } } @media (max-width: 1119px) and (min-width: 1024px) { .main-banner .edition-placeholder { display: none; } .subnav-business--subsections ul .section-column, .subnav-cnn--sections ul .section-column { padding: 0 1rem 25px 0; width: 16%; } .subnav-business--subsections, .subnav-cnn--sections { margin-left: 24px; } .subnav-cnn--sections { padding-top: 0; } .subnav .section-column .subsection-column { display: block; } .subnav .section-column .subsection-column li { display: block; } .subnav .section-column .subsection-column { list-style: none; padding: 0px; display: block; } .subnav-cnn--sections { border-bottom: none; } .subnav-business--social.desktop{ border-top: 1px solid #404040; margin-top: -10px; } .subnav-business--social.desktop{ padding-top: -10px; } } @media screen and (min-width: 1120px) { .main-banner.cnn-business .subnav { margin-top: 0; } .main-banner.cnn-business ul { padding: 0; } .main-banner.cnn-business .container { width: 1100px; margin-right: auto; margin-left: auto; padding: 0; } .edition-switcher, .main-banner--search { display: flex; } .main-banner--search { position: relative; display: inline-block; left: 330px; top: 12px; } .main-banner--search form, .main-banner--search form.active { display: block; position: absolute; width: 850px; right: 398px; bottom: 3px; overflow: hidden; padding: 15px 8px; margin: 0 auto; height: 40px; font-size: 14px; padding: 0; transition: width 0.3s ease-out; } .main-banner--search form.active { width: 0; } .main-banner--search form input[type="text"] { width: calc(100% - 100px);; height: 30px; border: none; padding: 0px 8px; outline: none; font-size: 16px; margin-right: 100px; } .main-banner--search form input[type="text"]::placeholder { text-indent: 0px; font-size: 16px; } .main-banner--search form input[type="submit"] { display: block; position: absolute; right: 8px; top: 0; bottom: auto; height: 30px; font-size: 15px; color: #0c0c0c; width: 100px; line-height: 30px; background-color: white; border: none; outline: none; } .main-banner--search .search-icon:before { margin-right: 14px; position: relative; top: -11px; right: 98px; display: block; background: none; padding: 0; color: #a6a6a6; } .main-banner--search .search-icon:before:hover { color: #fff; } .main-banner--menu { display: flex; align-items: center; width: 40px; height: 40px; margin-right: -10px; } .js-toggle-subnav .menu-icon:before { content: "\f127"; font-family: cnn-icons; font-size: 1.4666666667rem; font-weight: 300; line-height: 1.3636363636; color: #a6a6a6; transition: color .3s; position: relative; right: 5px; } .js-toggle-subnav .menu-icon:hover:before { color: white; } .js-toggle-subnav .menu-icon.open:before { content: "\f10a"; font-family: cnn-icons; font-size: 1.4666666667rem; font-weight: 300; line-height: 1.3636363636; color: #c00; transition: transform .3s, color .3s; } .main-banner .edition-placeholder { display: none; } .main-banner.cnn-business .subnav { height: auto; } .subnav-business--subsections, .subnav-cnn--sections { margin-left: 0; } .subnav-business--subsections { padding: 0; border-bottom: none; padding-bottom: 20px; } .subnav-business--subsections ul { padding: 24px 0 0; } .subnav-cnn--sections ul { padding: 30px 0; } .subnav-business--subsections ul .section-column, .subnav-cnn--sections ul .section-column { font-size: 20px; } .subnav-business--subsections ul, .subnav-cnn--sections ul { display: flex; justify-content: flex-start; flex-wrap: wrap; } .subnav-cnn--sections ul { display: block; } /* .subnav-cnn--sections ul { border-top: 1px solid #404040; border-bottom: 1px solid #404040; } */ .subnav-cnn--sections { border-top: 1px solid #404040; border-bottom: 1px solid #404040; display: block; padding-bottom: 18px; } .subnav-business--subsections ul .section-column { text-align: left; width: 14%; } .subnav-cnn--sections ul .section-column { min-width: 128px; text-align: left; width: 13%; } .subnav .section-column .column-header a { font-size: 22px; color: white; } .subnav .section-column .subsection-column { display: flex; flex-direction: column; padding: 0px; margin: 10px 0 0; } .subnav-bordered-zone.mobile { display: none; } .nav-business-subsections { display: flex; margin-left: 28px; } .nav-business-subsections.open li a { color: #595959; } .nav-business-subsections.open li a:hover { color: #fff; } .edition-switcher, .main-banner--search { display: flex; } .subnav-business--social.desktop { display: flex; flex-direction: row; margin: 20px 0 50px; align-items: center; float: right; padding-top: 15px; } .subnav-business--social.desktop:before { width: 0; } .subnav-business--social span { margin-bottom: 5px; } .subnav-business--social.mobile { display: none; } } </style> <script> var subnavToggles = document.getElementsByClassName('js-toggle-subnav'); var flyout = document.querySelector('.js-toggle-flyout'); var subNav = document.querySelector('.container.js-toggle-header-biz'); var menuIcon = document.querySelector('.js-toggle-subnav .menu-icon'); var subSections = document.querySelector('.nav-business-subsections.js-toggle-subnav'); var desktopSearchForm = document.querySelector('.main-banner--search form'); var desktopSearchInput = document.querySelector('.main-banner--search input[type="text"]'); var desktopSearchToggle = document.querySelector('.js-toggle-search'); var stickyHeader = document.querySelector('.js-sticky-header'); var stickyAnchor = document.querySelector('.js-sticky-header-anchor'); function toggleClass(elem, className) { if (document.querySelector('body').classList) { elem.classList.toggle(className); } else { // For IE9 var classes = elem.className.split(" "); var i = classes.indexOf(className); if (i >= 0) { classes.splice(i, 1); } else { classes.push(className); elem.className = classes.join(" "); } } } /* Header Subnav Toggle */ function handleSubNavToggle(e) { toggleClass(flyout, "open"); toggleClass(subNav, "open"); toggleClass(menuIcon, "open"); toggleClass(subSections, "open"); } for (var i = 0; i < subnavToggles.length; i++) { subnavToggles[i].addEventListener('click', handleSubNavToggle, false) } desktopSearchToggle.onclick = function() { toggleClass(desktopSearchForm, 'active'); console.log(desktopSearchForm.className) if (desktopSearchForm.className.includes('active')) { desktopSearchInput.focus(); } } function handleStickyHeader() { var headerHeight = stickyHeader.getBoundingClientRect().height; var anchorDistanceFromTop = stickyAnchor.getBoundingClientRect().top; if (anchorDistanceFromTop < 0) { console.log('duck') stickyAnchor.style.height = headerHeight + 'px'; stickyHeader.classList.add('fixed') } else { stickyAnchor.style.height = 'auto'; stickyHeader.classList.remove('fixed') } } if (WM && WM.UserConsent && WM.UserConsent.isInCcpaRegion()) { let doNotSellLink = document.getElementById('js-ccpa-do-not-sell-header'); doNotSellLink.className += ' show'; doNotSellLink.text = window.WM.UserConsent.getLinkTitle() || doNotSellLink.text; } document.addEventListener('scroll', 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modalWrapper.classList.remove('hide') closeBtn.addEventListener('click', event => { modalWrapper.classList.add('hide'); setCookie('hideBusinessModal', 'true', 10) }) } </script> <main class="container js-social-anchor-start" role="main"> <header> <div class="row"> <div class="column"> <div class="breadcrumb"> <a href="/data/markets/investing-guide/">Investing Guide</a> </div> <h1 class="article-title speakable">America poised to export oil for first time in 40 years</h1> <style> #ad_ns_atf_01 { float: right; margin-bottom: 8px; display: inline-block; } </style> <div id="ad_ns_atf_01"></div> </div> </div> <div class="row"> <div class="column share-byline-timestamp"> <span class="byline-timestamp"> <span id="js-byline-icon"> </span> <span class="cnnbyline "> <span class="byline">by <a href="/author/matt-egan/index.html">Matt Egan</a> </span> <a href="https://twitter.com/intent/user?screen_name=MattEganCNN" class="soc-twtname">@MattEganCNN</a> </span> <span class="cnnDateStamp"> December 16, 2015: 7:00 AM ET </span> </span> <div class="share-tools share-tools--main" id="js-sharebar-main"></div> </div> </div> </header> <div class="row two-columns-fixed-rr"> <section class="column"> <article class="module"> <div id="storycontent" > <!--storytext--> <div id="storytext"> <div id="js-ie-storytop" class="ie--storytop"> <script type="text/javascript"> vidConfig.push({ playlist : [ {id : "/video/investing/2015/09/21/market-movers-oil.cnnmoney", collection: ""} ], loc : 'top', autostart : true, playerprofile : 'story', playerid : 'vid0', hedtarget : '#cnnplayer0 .cnnHeadline', divid : 'vid0' }); </script> <div class="cnnplayer" id="cnnplayer0"> <div class="cnnVidplayer"> <div class="summaryImg" id="vid0" href="/video/investing/2015/09/21/market-movers-oil.cnnmoney"> <img src="https://i2.cdn.turner.com/money/dam/assets/150921112032-market-movers-oil-00005512-1024x576.jpg" width="780" height="439" alt="Crude truth behind oil's global boom" border="0" /> </div> </div> <div class="cnnVidFooter"> <div class="js-vid-hed-vid0 cnnHeadline">Crude truth behind oil's global boom</div> <div class="js-vid-countdown-vid0 countdown"></div> </div> </div> </div> <div class="share-tools share-tools--floater" id="js-sharebar-floater"></div> <h2 class="speakable">The U.S. is poised to lift a 40-year ban on exporting oil.</h2> <p class="speakable"> Lawmakers are close to authorizing oil exports as part of a broader $1.1 trillion spending and tax bill working its way through Congress. Sources told CNN the <a href='http://www.cnn.com/2015/12/15/politics/ryan-announces-deal-averting-shutdown/'>compromise measure</a>, which is needed to avert a government shutdown, includes a provision that would roll back the export restriction. </p> <div id="ie_column"> <div id="myfinance-cnn-desktop-atf" class="myFinance-widget" data-type="vertical" data-campaign="cnnmoney-ic-cru"></div> <script async type='text/plain' id="myFinance-widget-script" class="optanon-category-4"> !(function() { function e() { var e = document.createElement('script'), n = document.getElementById('myFinance-widget-script'), a = t + 'static/widget/myFinance.js'; (e.type = 'text/javascript'), (e.async = !0), (e.src = a), n.parentNode.insertBefore(e, n); var c = 'myFinance-widget-css'; if (!document.getElementById(c)) { var d = document.getElementsByTagName('head')[0], i = document.createElement('link'); (i.id = c), (i.rel = 'stylesheet'), (i.type = 'text/css'), (i.href = t + 'static/widget/myFinance.css'), (i.media = 'all'), d.appendChild(i); } } var t = 'https://www.myfinance.com/'; document.attachEvent ? document.attachEvent('onreadystatechange', function() { 'complete' === document.readyState && e(); }) : document.addEventListener('DOMContentLoaded', e, !1); })(); </script> </div> <p class="speakable"> The oil export ban was signed into law in 1975, part of the reaction to an OPEC embargo that created a shortage of crude and slammed the American economy with skyrocketing prices. </p> <p> Today, the world has too much oil -- thanks in part to America's shale oil boom. <a href='http://money.cnn.com/2015/12/11/investing/stocks-oil-santa-claus-rally/index.html'>Crude oil prices crashed below $35 a barrel</a>, and a gallon of gasoline is on the <a href='http://money.cnn.com/2015/11/30/news/economy/cheapest-gas/index.html'>verge of falling below $2 per gallon. </a> </p> <p> In other words, there is no longer an oil scarcity that justifies keeping it at home. </p> <div id="ad_nat_btf_03"></div> <p> "Restrictions on free trade of energy are a legacy of a bygone era that doesn't reflect the realities of today," said Jason Bordoff, a former energy adviser to President Obama who testified on Capitol Hill about the issue. </p> <p> <a href='http://money.cnn.com/2015/12/11/investing/oil-spending-cuts-chevron-conocophillips/index.html'><span class='inStoryHeading'>Related: $320 billion to disappear from oil budgets</span></a> </p> <figure class="body_img body_img--780"> <img src="https://i2.cdn.turner.com/money/dam/assets/151211101714-oil-rigs-budgets-780x439.jpg" width="780" height="439" alt="oil rigs budgets" border="0" /> </figure> <p> Lifting the oil export ban could encourage more domestic output in the long term as prices rebound from their recent lows. Increased U.S. oil activity should also help save some jobs in the energy industry. </p> <p> The dramatic drop in oil prices has left the the energy and mining industry reeling from over 100,000 job cuts in the past year. </p> <p> "This is a bit of a lifeline for U.S. producers," said Joe McMonigle, who served as chief of staff of the Energy Department under former President George W. Bush. </p> <p> Not everyone in the energy industry supports lifting the export ban. </p> <p> U.S. refiners want to keep it in place because they've benefited from being able to buy oil at the cheaper domestic price and then sell it at the higher global price. </p> <p> The U.S. Energy Information Administration has analyzed the outcome and expects that refiners would cut jobs and suffer a loss of $22 billion in annual profits by 2025 if the ban is lifted. </p> <p> Some lawmakers are looking to ease anger from refiners by offering tax credits to the industry, especially in the Northeast. </p> <p> Environmental groups also want to keep the ban in place. </p> <p> "Our climate and communities cannot afford the hazardous oil production that would come with lifting the crude oil export ban," a conservation group that includes the Sierra Club wrote in a recent letter to Congress. </p> <p> Democrats pushed hard to win tax credits for renewable energy sources like wind and solar in exchange for lifting the oil export ban, in what they saw as a worthwhile trade-off, Democratic aides told CNN. </p> <p> <i>-- Deirdre Walsh and Ted Barrett contributed reporting.</i> </p> <div id="storyFooter"></div> <div class="clearfix"></div> <div class="storytimestamp"> <span class="cnnStorySource"> CNNMoney (New York) </span> <span class="cnnDateStamp">First published December 16, 2015: 7:00 AM ET</span> </div> </div> <!--/storytext--> <div class="foot"> <div id="postedin"></div> <div class="clearFloat"></div> </div> </div> </article> <div class="cnnoutbrain outbrain-recommended" id="js-outbrain-recommended"></div> <div class="cnnoutbrain outbrain-relateds" id="js-outbrain-relateds"></div> <script type="text/javascript"> window._mNHandle = window._mNHandle || {}; window._mNHandle.queue = window._mNHandle.queue || []; medianet_versionId = "121199"; (function() { isSSL = 'https:' == document.location.protocol; var src = (isSSL ? 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