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U.S. loosens old ban on oil exports, adds outlet for shale flow

Posted: June 26, 2014 at 2:38 a.m.

Cows graze near a reclaimed natural gas drilling site with condensate tanks in Washington County, Pa., in this file photo. A Commerce Department decision to change its definition of refined product means more of the oil from U.S. shale formations may be eligible for export.

Cows graze near a reclaimed natural gas drilling site with condensate tanks in Washington County, Pa., in this file photo. A Commerce Department decision to change its definition of refined product means more of the oil from U.S. shale formations may be eligible for export.

The Commerce Department has opened the door to more U.S. oil exports as long as the crude is lightly processed, tempering the impact of a law that's banned most overseas petroleum shipments for the past four decades.

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