In the U.S., a Turning Point in the Flow of Oil
New York Times: HOUSTON — The Singapore-flagged tanker BW Zambesi set sail with little fanfare from the port of Galveston, Tex., on July 30, loaded with crude oil destined for South Korea. But though it left inauspiciously, the ship’s launch was another critical turning point in what has been a half-decade of tectonic change for the American oil industry.
The 400,000 barrels the tanker carried represented the first unrestricted export of American oil to a country outside of North America in nearly four decades. The Obama administration insisted there was no change in energy trade policy, perhaps concerned about the reaction from environmentalists and liberal members of Congress with midterm elections coming. But many energy experts viewed the launch as the curtain raiser for the United States’ inevitable emergence as a major world oil exporter, an improbable return to a status that helped make the country a great power in the first half of the 20th century.
“The export shipment symbolizes a new era in U.S. energy and U.S. energy relations with the rest of the world,” said Daniel Yergin, the energy historian. “Economically, it means that money that was flowing out of the United States into sovereign wealth funds and treasuries around the world will now stay in the U.S. and be invested in the U.S., creating jobs. It doesn’t change everything, but it certainly provides a new dimension to U.S. influence in the world.”
Read more: http://nyti.ms/1EqXDdD
More industry news:
- Keystone Be Darned: Canada Finds Oil Route Around Obama: http://bit.ly/1tBFstm
- Oil Prices are Plummeting – Here’s Why That’s a Big Deal: http://bit.ly/1pRc7Ke
- California Finally to Reap Fracking’s Riches (subscription required): http://on.wsj.com/1oNGwsF
- Lower Demand, Higher Supply Drive Oil Prices to Lowest Level Since 2012: http://1.usa.gov/1v3bnbT
- Female Roughneck Tells Story of Life on the Oil Field: http://bit.ly/Zes5XD
By Mary Leschper
Originally posted October 8, 2014
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