Negotiators from both parties in the House of Representatives agreed Wednesday to a fiscal year 2016 tax and spending bill with many compromises on both sides. The bill still needs to be voted on, which will happen Friday. President Obama has signaled his support for the bill, and it seems relatively likely that there are enough votes to approve it. 

The provision with the most major impact to the trucking industry is the proposed lifting of the ban on crude oil exports. American oil producers have been banned from exporting crude since the 1973 oil embargo. The ban has been slightly chipped away in recent years, with exceptions made for Canada and for a minimally refined product that is not too far removed from crude.

The short-term effects of lifting the ban would not be notable, as there is currently a glut of crude in the world market. At the same time, the domestic supply could return towards more normal levels as American oil companies market their oil globally. This supply shift could also cause fracking operations to gradually come back on line. This could mean a better environment for trucks involved in oil production and transport.

The change could also impact the price of fuel. Refineries are currently maxed out processing the domestic glut of crude oil, and a reduction in that supply - or changes to the logistics of obtaining crude to refine - would point to an increase in the price of gas and diesel. The spending bill also includes tax breaks for transporting refined products, which could mitigate these issues.

Lifting the ban on crude oil exports could potentially impact the domestic economy to a sizable extent, and change the dynamic of American international relations. Keep an eye on this bill over the next few days.