Congress repeals US oil export ban

UPDATE: President Obama signed into law the lifting of the ban.

The US Congress voted on Friday to repeal the 40-year-old ban on exporting US crude oil.

The Senate, on a 65-33 vote, passed a $1.1 trillion government spending bill that included the measure to lift the export ban and provide five-year extensions of tax breaks to boost development of renewable energy. Earlier on Friday, the House of Representatives also passed the measure, 316-113.

The legislation now goes to President Barack Obama, who is expected to sign the bill into law.

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