Oil Export Drive Gains in Senate Though Action Won't Be Swift

August 24, 2015

A drive to end the four-decade ban on U.S. oil exports gained a measure of support from two Senate critics of the energy industry, although any relief from Congress isn't likely to come swiftly.

Senator Harry Reid, the Democratic leader who has pushed to repeal billions of dollars in industry tax breaks, last week said there's room to compromise on the issue. And Senator Bob Menendez, a New Jersey Democrat, indicated he'd back the "strategic export" of oil to allies as a political tool.

"The center of gravity on this issue is starting to move," said Mike McKenna, a lobbyist close to Republicans in Congress. "We're talking about how it's going to change, not whether it’s going to change."

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