Administration reportedly loosens 40-year-old ban on oil exports

The Commerce Department reportedly has given two energy companies permission to ship a type of unrefined ultralight oil to foreign buyers, loosening a nearly 40-year-old ban on oil exports.

The Wall Street Journal reported that the shipments of condensate from Pioneer Natural Resources Co. and Enterprise Products Partners LP could begin as soon as August. The buyers could then turn the oil into gasoline, jet fuel and diesel fuel.

READ MORE: http://www.foxnews.com/politics/2014/06/25/administration-reportedly-loosens-40-year-old-ban-on-oil-exports/