"Spending Deal To Lift Oil Export Ban"

"Lawmakers have agreed to lift the four-decade-old ban on crude oil exports as part of a spending and tax package announced by congressional leadership on Tuesday night, according to a GOP lawmaker.

In exchange, Republicans agreed to extend a series of expired or expiring renewable energy tax breaks. Both the wind production tax credit and the solar investment tax credit won five-year extensions in the tax and spending package unveiled on Tuesday, the GOP lawmaker said.  

Lifting the crude oil ban was a key goal for Republicans, who have said American oil producers should have expanded access to the international market at a time of low prices and new competition from Iranian oil.

Democrats have long proposed trading the renewable energy credits for crude oil exports, though until recently there was little movement on getting an exports-tax credit package to the Senate floor."

Devin Henry reports for The Hill December 15, 2015.

SEE ALSO:

"Congress Reaches Year-End Deal on Taxes And Spending" (Washington Post)