Lifting America’s 40-year ban on crude oil exports is significant, but not monumental – particularly not for Canadian producers
On face value, the shift sounds monumental. But like any monument, its real value is mostly symbolic. Removing the ban would mark a reversal in legislation that dates back to the price-shock of the Arab oil embargo and subsequent worries over U.S. energy independence. But what would the lifting of the ban mean for exporters of Canadian heavy oil, and for the international oil market in the near term?