Much has been written about the run-up in U.S. crude oil exports over the past five-plus years, and rightly so. Who would have guessed a dozen years ago that the U.S. would soon be producing as much as 13 MMb/d, and exporting one-quarter of it? Exports are only half of the story though. In fact, for every barrel of crude shipped or piped out of the U.S. today, two barrels of crude are shipped, piped, or railed in. Put simply, the U.S. refining sector still needs imported oil — or, more accurately, it can’t use all of the light, sweet crude that’s produced in the Permian and other shale/tight-oil plays in the Lower 48, and it still requires large volumes of the heavier crude that’s produced in Canada, Mexico, and overseas. Today, we begin a blog series on U.S. oil imports with a big-picture look at how crude sourcing for the refining sector has morphed in the Shale Era.
Canadian crude output is rising, requiring new export routes. As traditional pathways face constraints, the U.S. Rockies—especially the Guernsey, WY hub—are emerging as key corridors for moving Canadian heavy crude to downstream markets, including the Gulf Coast.
First, a little history. Back in the early 1970s, when Neil Diamond — the singer-songwriter behind the title of today’s blog — was at the top of his game, the U.S. faced a serious problem. Domestic production of crude oil had just peaked at 9.6 MMb/d, on average, in 1970, according to the Energy Information Administration (EIA), and was in for a long decline interrupted only by a relatively short-term boost from Alaska North Slope production. From 1970 to 1977 — the year before the Trans-Alaska Pipeline started operating — U.S. oil production (yellow line in Figure 1) fell by 1.4 MMb/d, or 14%, to 8.2 MMb/d and U.S. oil imports (green line) increased five-fold, from 1.3 MMb/d to 6.6 MMb/d. That, plus the OPEC oil embargo of 1973-74, got everyone’s attention, and spurred an “energy independence” crusade that lasted for decades. The Alaska oil boom helped a bit: oil import volumes fell to as little as 3.2 MMb/d in the mid-1980s. But after North Slope production peaked soon thereafter (in 1988), imports resumed a steady climb, topping out at 10.1 MMb/d in 2005, 2006, and 2007.
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About the song
"America" was written by Neil Diamond, and appears as the first song on side one of the Neil Diamond movie soundtrack album, The Jazz Singer. The song, with its refrain of "they're comin’ to America," celebrates the dreams, promises, and freedom that living in America represents. The song was released as a single in April 1981, and went to #1 on the Billboard Adult Contemporary chart, and #8 on the Billboard Hot 100 Singles chart. Personnel on the record were: Neil Diamond (lead vocals, acoustic guitar), Richard Bennett (acoustic and electric guitars), Doug Rhone (acoustic guitar, backing vocals), Alan Lindgren (synthesizers, piano, orchestrations), Tom Hensley (keyboards, piano, orchestrations), Reinie Press (bass), Dennis St. John (drums), and Bob Gaudio (vocal arrangements).
The Jazz Singer is the soundtrack album to the 1980 remake of the landmark 1927 film of the same name. Featuring Neil Diamond, the Bob Gaudio-produced LP went to #3 on the Billboard Top 200 Albums chart. It has been certified 5X Platinum by the Recording Industry Association of America. Three singles were released from the album.
Neil Diamond is an American singer-songwriter and actor. He has released 32 studio albums, two soundtrack albums, nine live albums, 43 compilation albums, and 55 singles. Diamond has had 10 #1 singles in the U.S., and has sold over 100 million records worldwide. He is a member of the Rock and Roll Hall of Fame and the Songwriters Hall of Fame, is the recipient of the Kennedy Center Honors, and holds a Grammy Lifetime Achievement Award. Diamond announced his retirement from live performances in January 2018 due to Parkinson's disease. He lives with his wife, Katie McNeil, in Colorado.
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excellent!!! thanks