India Is Getting Its First Shipment Of US Oil And Everyone Is Celebrating
India is celebrating after the first shipment of U.S. oil started its journey to the country, scheduled to arrive sometime toward the end of September, The Economic Times reports.
The first shipment is worth around $100 million, but trade between the two countries is expected to bring in about $2 billion to the U.S.
The Indian embassy tweeted at President Donald Trump a picture of India’s ambassador to the U.S. Navtej Sarna and GOP Texas Gov. Greg Abbott shaking hands over the oil shipment’s paperwork.
The U.S. lifted a 40-year ban on exporting oil in 2016. A bipartisan group of lawmakers from oil producing states such as North Dakota and Alaska pushed to lift the ban against an unfavorable executive, former President Barack Obama. Congress was ultimately successful at convincing the former president to sign the legislation by amending it to let the president cut off oil exports for up to one year in special cases, The Wall Street Journal reports.
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