US politicians push to challenge Saudi Arabia oil dominance | GulfNews.com

US politicians push to challenge Saudi Arabia oil dominance | GulfNews.com:



"US politicians are pushing to lift the country’s ban on crude oil exports, a move that if successful would challenge Saudi Arabia’s long held dominance over the global oil market.



The US banned crude exports in the 1970s when a number of Arab countries refused to sell oil to the US in protest of its support for Israel in the 1974 Arab-Israeli conflict. The ban, led by Libya, sent prices soaring and led to fuel rationing across the country remembered by iconic photos of traffic jams of cars queuing to fil up at petrol stations. Since then the US has banned oil exports to lessen its reliance on foreign oil.



But with the US producing record amounts of oil, a number of politicians from newly oil rich North Dakota recently told Gulf News the ban should be lifted."



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