“Companies and federal officials are finding a way around a 1970s-era U.S. ban on crude oil exports by slightly processing some of the rising amounts of oil extracted from the nation’s shale deposits. Texas-based Pioneer Natural Resources said Wednesday that the U.S. Department of Commerce has approved its plan to export an ultralight oil known as condensate produced in the state’s Eagle Ford Shale. The U.S. government, since the 1970s Arab oil embargo, has largely banned the export of crude oil — except to Canada — as a way to keep the nation’s oil at home and protect American consumers from price shocks.”
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