US to renew emergency oil supply agreement with Israel

Deal is an exception to Washington’s ban on crude oil exports, passed by Congress after Arab oil embargo of 1973-1974

By JTA 27 November 2014, 4:27 am

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The United States will renew a memorandum of understanding that provides emergency oil supplies to Israel.

The United States “is in close contact with the government of Israel on extending the longstanding memorandum of understanding” between the two countries on emergency oil supplies, an unidentified State Department official told Reuters Wednesday.

The agreement is an exception to Washington’s ban on crude oil exports, passed by Congress following the Arab oil embargo of 1973 to 1974.

Israel has never asked the United States for emergency oil supplies, according to Reuters. The memorandum of understanding was extended in 1994 and in 2004.