U.S. politicians in oil-producing states want Congress to lift the 40-year U.S. oil export ban. Commerzbank AG head of commodities research Eugen Weinberg explains to TheStreet's Joe Deaux why American consumers won't be hurt much if the U.S. lifts its oil export ban, and why oil refineries like Valero Energy and Marathon Petroleum will be hit hardest. Weinberg also discusses whether Congress and President Obama will choose to lift the ban. Commerzbank AG wrote in a research note that potentially half of all oil output could qualify in the future for exports. Congress implemented the export ban amid the 1970s energy crisis.
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