40 year old, self-imposed, oil embargo on the US may be lifted as a bill to lift the ban has passed through congress. This will cut further into US refinery profits, and further destabilize world markets (in my opinion) as it will likely bring down the cost of crude due to increased competition. As mentioned in previous posts, this will further pull the rug out from under some of these struggling countries.
“America is now a global energy superpower, and lawmakers are ready to bring home the economic and security benefits of crude oil exports,” American Petroleum Institute Executive Vice President Louis Finkel said in a statement. “It’s an important step forward, and we urge House and Senate leaders to continue to make this issue a top priority in the days ahead.” (Pure politics, of course. You can’t blame him though. That’s his job. What’s he supposed to say? “This is a bad idea. Our people aren’t interested in becoming wealthier.”)
Buy those struggling US oil stocks for big money! But, be prepared for further erosion of world stability.