Gas prices are displayed at an Exxon gas station in Woodbridge, Virginia, January 5, 2016. AFP PHOTO / SAUL LOEB
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Three months after the U.S. lifted a 40-year ban on oil exports, American crude is flowing to virtually every corner of the market and reshaping the world's energy map.Oil companies including ExxonMobil Corp. and China Petroleum and Chemical Corp. have joined independent traders such as Vitol Group and Trafigura Pte in exporting American crude.One reason behind the rise in exports is cheap pipeline and railway fees to move crude from the fields in Texas, Oklahoma and North Dakota into the ports of the U.S. Gulf of Mexico. Another is that U.S. oil prices have been trading at a discount to Brent crude, allowing traders to move oil from one shore of the Atlantic to another at a profit.It crippled the U.S. economy and highlighted its dependence on imports.Days later, Sinopec lifted on the Pinnacle Spirt tanker a cargo of U.S. crude, a first for a Chinese oil group.
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