"Applicants for licenses have to demonstrate that the trade is part of a year overall transaction in the nation's interest and the oil cannot be sold for a reasonable price in the United States." said Ed Morse
In rapidly changing industries like oil, where the major interest is that its price always increases, the price would drop and the idea of below $100 a barrel is hard to accept.
Do we have too much oil? Very well then. Better keep it in stock than selling it at a loss. This is actually a market economy.
The cold hit the U.S. and Wednesday more than a million homes and businesses remained almost out of fuel. Domestic demand is high. There are rumors that the U.S. exports can't happen if domestic supplies are threatened. But is this profitable for the economy?
photo source : http://en.wikipedia.org/wiki/Petroleum