US oil producers are prevented by this law from selling unrefined oil (crude) to other nations. If this law is not changed the US will reach maximum oil storage capacity in the coming months and when it does all oil production pumping facilities will have no choice, but to shut down. The US is one of the largest oil producing nations in the world and its production makes up a large part of our economy, if they shut down there will be massive layoffs and unemployment would marketed increase. Congress needs to repeal this prohibition made during the Nixon administration in the early 70s, which was a part of an agreement with Saudi Arabia to sell oil only in dollars (hence the creation of the petro-dollar), as neither side is honoring that agreement any longer.
The Tanker Market Is Sending a Big Warning to Oil Bulls (5-27-15) Naomi Christie http://www.bloomberg.com/news/articles/2015-05-27/oil-bulls-beware-soaring-tanker-rates-show-supply-glut-persists-ia7cvht4
The Oil Expert Ban: A Relic of the 1970s (4- 24-2015) By: John Hess
In Pain, U.S. Oilmen Plead For Exports (WSJ, 4/23)