US eases ban on crude-oil exports

August 15, 2015 at 12:00a.m.

EDGARTOWN, Mass.

The Obama administration approved limited crude-oil trading with Mexico on Friday, further easing the long-standing U.S. ban on crude exports that has drawn consternation from Republicans and energy producers.

Mexico’s state-run oil company Petroleos Mexicanos, or Pemex, had sought to import about 100,000 barrels of light crude a day and proposed a deal last year in which Mexico would trade its own heavier crude for lighter U.S. crude. A major crude exporter for decades, Mexico has seen its oil production fall in recent years.

The license applications to be approved by the U.S. Commerce Department allow for the exchange of similar amounts of U.S. and Mexican crude, said a senior Obama administration official, who wasn’t authorized to comment by name and spoke on condition of anonymity. The official didn’t disclose whether all 100,000 barrels requested would be allowed.

Wire report

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STOCK, DIVIDENDCLOSECHANGE

Alcoa, Inc., 9.410.1

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Avalon Holdings,2.33-0.01

Cortland Bancorp, 14.20-0.3

Farmers Nat., .1234.780.33

First Energy, 1.44, 18.760.2

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FNB Corp., .48,8.500

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JP Morgan Chase, 1.60,67.900.35

Key Corp, .26,14.780.19

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Talmer Bank, 16.120.06

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