The US Government has approved a legislation to lift a 40-year-old ban on domestic crude oil exports.
The export ban has been lifted by the US Congress would also provided five-year extensions of tax breaks to renewable energy sector, reported Reuters.
The move is a part of $1.15 trillion spending bill approved by the President Barack Obama to fund the government until fiscal year 2016.
Commenting on the decision, US Senate Energy and Natural Resources Committee Lisa Murkowski said: "By lifting the domestic crude oil export ban, we are sending a signal to the world that our nation is ready to be a global energy superpower.
"With crude exports comes job creation, economic growth, new revenues, prosperity, and enhanced energy security for our allies and ourselves.
"The omnibus may be a short-term spending bill, but thanks to this provision it will deliver long-lasting benefits for our nation and the world."
Although the lifting of the ban is not expected to significantly lead to exports for months or years, it but could extra flexibility to producers, reported BBC News.
Producers for American Crude Oil Exports (PACE) chairman Ryan Lance said: "The American consumer is the beneficiary of today’s decision by Congress to pass legislation that includes an end to the ban of crude oil exports.
"Supported by a large body of independent research and analysis that showed Americans will benefit from economic growth, wages, employment and trade, ending the ban made eminent sense. It’s particularly important at a time when our industry is experiencing a period of extreme volatility and uncertainty."
PACE executive director George Baker said: "Modernizing our nation’s energy policy to reflect this new era of energy abundance is a win for consumers, is a win for the small business owners who support the energy supply chain, is a win for our economy and is a win for our allies and trading partners. Now that we have leveled the playing field, the United States finally has an opportunity to compete and realize our nation’s full potential as a global energy super power."
The lifting of the ban, however, was objected by opponents who claim that it would result in reduction of oil refining jobs and would harm the environment.