US May Soon Begin Exporting Its Crude Oil

Stockbyte/Thinkstock(WASHINGTON) -- For the first time in four decades, the U.S. may start to export its crude oil.

The Wall Street Journal reports the Commerce Department has decided to give Pioneer Natural Resources Co. and Enterprise Products Partners LP "permission to ship a type of ultralight oil known as condensate to foreign buyers."

The decision came in separate rulings, which have yet to be announced, that were issued at the beginning of the year.

People familiar with the matter tell the newspaper the exports could begin as early as August.

While the shipments may be small, they end a long ban and open the way for other oil companies to apply for export permits.

U.S. oil production and supplies are at their highest in decades.

Copyright 2014 ABC News Radio

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