NEW YORK (TheStreet) -- The Commerce Department's approval in June for Pioneer Natural Resources (PXD) and Enterprise Products Partners (EPD) to export condensates lifted investors' hopes that this signaled a shift to end the U.S. oil export ban.
The decision received praise from advocates to end the ban, including Senate Energy Committee ranking member Sen. Lisa Murkowski (R., Alaska), who called it a "step in the right direction" for what she termed an "outdated policy."
But oil analysts said it's unlikely that Congress or President Obama will lift the 40-year ban, instead arguing that companies will circumvent the divided legislative process and apply for exemptions."There's a legislative channel, which I am not really holding my high hopes for, you know, legislation is really hard to pass, and I don't see a lot of consensus there," Bank of America-Merrill Lynch global head of commodities Francisco Blanch, said in an interview. "I don't see the White House taking a big leadership position on the issue ether." said in an interview. said in an interview. While it doesn't look like the export ban will disappear anytime soon, investors looking to make a play on these developments may want to keep tabs on companies applying for export exemptions. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
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