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America’s oil exports are booming — and lifting prices

The resurgence of the oil industry can be traced back to what happened in Congress one day in December 2015.

That’s when lawmakers ended the 40-year ban on U.S. oil exports. Crude pumped in Texas, Oklahoma and North Dakota could suddenly be shipped overseas.

At the time, excess supply was wreaking havoc on the energy industry. Too much American oil was sitting around in storage, pumped out of the ground but with no one to buy it. Crude eventually crashed to $26 a barrel.

But that glut is disappearing, thanks in part to booming oil exports from the United States. Crude that was once trapped inside the country is now going to Europe, Latin America and even China.

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Written by Matt Egan for CNN.com