Something Tells Me Congress Will Act -- June 27, 2014

From Seeking Alpha with regard to US exporting condensate:

Report: Oil going through distillation tower not impacted by crude export ban • 4:53 PM

• All U.S. crude oil that is processed by a distillation tower - not just condensate - is exempt from the crude export ban, potentially widening the amount of petroleum U.S. producers can send to markets abroad, Reuters reports, citing U.S. government and industry sources.
• By focusing on how the oil is treated rather than what it is, this week's ruling allowing two companies that produce condensate to export the oil if it is processed by a distillation tower appears to open an option for companies that produce traditional crude to get around the export ban by lightly boiling their own oil, the report says.
• The new interpretation of the ruling will add to the speculation over how much of the U.S. shale oil boom might reach overseas markets.

Update, July 2, 2014: as expected, US senators are questioning the Commerce Department on this development.