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After 40 years, American oil producers will be able to export crude oil overseas, and the fossil fuel industry could not be happier.

American Petroleum Institute President and CEO Jack Gerard called the votes in Congress Friday to lift the ban as "a historic moment in our energy renaissance." Lifting the oil export ban was one portion of the $1.1 trillion spending bill that sailed through Congress Friday morning.

"Lifting this ban will help put downward pressure on gas prices, create jobs, grow our economy and lower our trade deficit," Gerard said.

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