It’s only taken 40 years to change, but The US Commerce Department has given the green light to several businesses to start once again exporting crude oil, a huge policy change to a controversial ban which has stayed in place for the last four decades. But the question remains, will this solve the volatility in oil prices? At this moment, the US government restricts the export of crude oil in its unrefined form, the block hasn’t applied to processed variations such as gasoline and diesel. The limitations were brought into position during the 1970s as an immediate consequence and reaction to the 1973 oil embargo imposed by nations in the Arab world. This was a volatile time for oil prices, with many US citizens not able to afford to fill up cars, and the price was spiking north in huge surges. It’s only taken 40 years to change, but The US Commerce Department has given the green light to several businesses to start once again exporting crude oil, a huge policy change to a controversial ban which has stayed in place for the last four decades. But the question remains, will this solve the volatility in oil prices? At this moment, the US government restricts the export of crude oil in its unrefined form, the block hasn’t applied to processed variations such as gasoline and diesel. The limitations were brought into position during the 1970s as an immediate consequence and reaction to the 1973 oil embargo imposed by nations in the Arab world. This was a volatile time for oil prices, with many US citizens not able to afford to fill up cars, and the price was spiking north in huge surges.

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