The Conversation (0)
BHP Billiton will reportedly be able to take advantage of a loophole in US laws to export oil product from Texas.
BHP Billiton will reportedly be able to take advantage of a loophole in US laws to export oil product from Texas.
According to Bloomberg:
According to the Journal, Billiton says it has agreed to sell about 650,000 barrels of ultralight sweet oil from Texas to undisclosed buyers in a deal worth about $50 million. It’s not clear what, if anything, the Obama administration, or Congress, for that matter, can do to stop them. As Washington is caught in a post-midterm election haze, with Republicans celebrating their gains and Democrats licking their wounds, Billiton’s move seems well-timed to go unnoticed. At least for a few days.