The 2015 repeal of a 40-year ban on the export of crude oil from the U.S. has left a sizable dent in the U.S. tanker industry, according to a U.S. watchdog agency.
A report released Friday by the Government Accountability Office (GAO) detailed how U.S. refineries – particularly those on the East Coast that had no access to cheaper transportation options such as pipelines – were left having to pay more to receive domestic crude oil on more expensive U.S.-flagged tankers and barges before the ban...