Big news from the Commerce Department this week is that U.S. exports rose to a new high in 2013 and imports dropped to their lowest level since 2009 for the smallest U.S. trade deficit since 2009 – thanks largely to reduced oil imports due to growing domestic production and record exports of products made from petroleum. The Wall Street Journal (subscription… Keep reading →
Exports
Energy, Exports and Improving US Trade Balance
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We will never sell or share your information without your consent. See our privacy policy.PFC Energy put together a succinct list of key trends in oil markets in 2013, along with associated charts. These include US oil production growing faster than in any other year, cheaper crude inputs at refineries driving the US to become the world’s largest exporter of refined petroleum products, and the rising disconnect between international… Keep reading →
We are at a transformational moment in energy history. Just a few years ago, all energy projections forecast increased imports, increased scarcity, and increased natural gas prices. Today, we’ve shifted from scarcity to abundance. U.S. oil production has increased by 2.5 million barrels per day (B/D) since 2010. This year, the United States overtook Saudi… Keep reading →
The US Energy Information Administration puts out reams of data on US and international energy, covering almost the full spectrum of sources – oil, gas, nuclear, renewables – as well as consumption, production, imports, exports, prices, storage, etc. But energy markets are vast, often disjointed, and sometimes lacking in transparency. And there may be some… Keep reading →
Iran has agreed to an initial nuclear deal that will involving the country dialing back its nuclear program in exchange for six months of sanctions relief. Iran will gain access to over $4 billion in frozen oil revenues, as well as a suspension of sanctions on petrochemical exports. [Bloomberg] The deal will also “eas[e] of the… Keep reading →
United States law prohibits exports of crude oil and condensate except under certain conditions, while exports of refined products and natural gas are far less restricted. While these laws had little impact when the country was in a position of oil and gas scarcity, the country’s newfound energy abundance has rendered some of them obsolete,… Keep reading →
Massachusetts Senator Edward Markey has made a rather odd request of TransCanada: that it seek to influence the marketing operations of refiners that buy Canadian crude oil shipped through the Keystone XL pipeline. Senator Markey wrote a letter to TransCanada chief executive Russ Girling yesterday requesting that the company require buyers of oil that would… Keep reading →
The Panama Canal is on the Energy Information Administration’s list of the world’s six global oil chokepoints. While the canal is the smallest of the six – moving just 700,000-800,000 barrels per day of crude oil and petroleum products from 2007 to 2011, compared to the 15-17 million bbl/d that transited the Strait of Hormuz… Keep reading →