The Obama Administration has lifted the ban on US crude oil exports that was first implemented back in 1975, this according to the Wall Street Journal. The decision has approval by the Commerce Department's Bureau of Industry and Security.

The ban was first implemented back when gas lines were long, prices were high, and oil was at the forefront of national security concerns. Now with new hydraulic fracturing technologies, the US is producing more oil and than ever and the need for exportation high as well.

For now, just two companies will be allowed to sell to foreign markets: Pioneer Natural Resources Co. (NYSE: PXD) and Enterprise Product Partners LP (NYSE: EPD). Both companies actively lobbied for the right to sell their product overseas.

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