Law360, New York ( October 22, 2015, 11:06 AM EDT) -- Notwithstanding the recent momentum of congressional efforts to repeal the U.S. ban on crude oil exports, President Obama has vowed to veto any bill that would dismantle the current short supply regulations administered by the U.S. Department of Commerce's Bureau of Industry and Security. With the export ban still firmly in place, producers and traders have continued their search for ways to reach foreign markets for the large supply of light crude produced in the United States. BIS frequently issues licenses to export Canadian crude out of the U.S. and to export U.S. crude to Canada, but historically the option of exporting U.S.-origin crude to refineries in Europe, Asia and other foreign markets has been largely blocked. Recently, however, U.S. exporters and foreign refiners have taken a keen interest in the opportunities afforded by so-called swap licenses....
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