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Obama Administration Takes Next Step Toward Lifting Oil Export Ban


The U.S. Commerce Department granted Pioneer Natural Resources approval to export stabilized condensate in a move that Spartan Commodity Partners CEO Alan Harry says eventually will lead to the government lifting its 41-year ban on domestic crude oil exports. Harry says it makes economic sense to export crude as U.S. supply rises. As for what it means for consumers, Harry says gasoline prices may rise as North American crude oil will be in direct competition with oil production coming from other countries around the globe. WTI light sweet crude oil was trading little changed on Wednesday in New York.