A 40-year ban of oil exports is loosened
The Obama Administration is allowing Pioneer Natural Resources and Enterprise Products Partners to export ultra-light oil known as condensate to foreign countries. The US Commerce Department’s Bureau of Industry and Security used a process known as a private ruling to allow the first export of unrefined American oil in 40 years.
Lifting the condensate export ban is positive for the tank truck industry given the need for tank trucks to get product to pipelines, rail heads, and terminals, to move that product to ports for export. We are bullish on the impact of domestic movement.