Ban on U.S. oil exports could be lifted soon

Crude oil is near an 11-year low right now.

But a development on Tuesday could help the industry.

The almost 40-year ban on the U.S. exporting oil may be lifted soon.

The ban was enacted during the oil shortage in 1975.

But with the current oil glut, there's no reason to keep U.S. oil at home.

The restriction could be done away with before the end of the year as part of a broader spending and tax bill in Congress.

Lifting the ban may increase oil production here in the U.S. and help save some jobs.