Online:
Visits:
Stories:
Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

U.S. oil exports are blowing past expectations

Wednesday, March 1, 2017 13:10
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Gerald Herbert reports at AP
“U.S. crude oil exports have exceeded 1.2 million barrels a day, per the Financial Times. That follows the lifting of a 40-year-old ban on crude oil exports in 2015, and far exceeds baseline projections. As the FT points out, the strong exports are a result of:

The oil glut in the world market has made U.S. oil a relative bargain compared with other grades.
A rebound in oil prices last year has encouraged U.S. companies to increase drilling. The EIA estimates domestic production is above 9 million barrels a day for the first time in 10 months.

U.S. refineries, unlike OPEC, haven’t done much to “mop up” the glut.

Rates for leasing supertankers have declined, making its cheaper to transfer oil to foreign countries.

Why this matters: The situation poses a threat to Saudi Arabia and other key OPEC members, which have historically had control over the oil industry and the power to gauge pricing. But following the group’s November agreement to curtail oil output, concerns about tighter oil supplies have led foreign countries to look elsewhere — such as to the U.S. — for their supply.

hat tip Glenn Reynolds



Source: http://bobagard.blogspot.com/2017/03/us-oil-exports-are-blowing-past.html

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.