US to resume oil export after 40 years

U.S. oil producers are preparing to celebrate the end of 40 years of restrictions on exports of crude oil, thanks to a provision in a massive government spending bill awaiting congressional approval.

Studies by the U.S. Energy Information Administration and other oil-market watchers suggest that any substantial impact of lifting the restrictions, first imposed by Congress in 1975 in response to the Arab oil embargo, won't occur for years.

In fact, Lynn Westfall, EIA's director of energy markets and financial analysis, said he sees nothing happening in U.S. oil markets to suggest much oil would go overseas soon. (Bill Loveless-usatoday)