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To say the U.S. crude oil market has undergone a transformation over the last 15 years would be an understatement. The Shale Revolution has allowed producers to unlock volumes that were unimaginable to many not long ago, especially in the champion of U.S. production areas — the Permian Basin. As U.S. production volumes grew, refineries started consuming their fill. However, even as production kept growing and refineries became satiated, U.S. crude oil exports were largely limited to Canada, causing concern at the time that the Shale Renaissance could hit a wall. Then, in December 2015, Congress lifted the 40-year-old U.S. crude export ban, allowing U.S. oil to be exported without a license for the first time since 1975. Export volumes took off and are expected to continue to grow along with U.S. production throughout the 2020s, propelling market interest for new efficient export terminals along the Gulf Coast.
Key takeaways from the report include:
- Deepwater ports face potentially high costs, lengthy reviews
- Enterprise’s SPOT emerges as clear leader in regulatory race
- Texas GulfLink aims to benefit from Houston’s pipeline access
- Blue Marlin stands out for reliance on existing assets
- Bluewater takes unique approach with no offshore terminal in plan
“Getting Closer” is included in RBN Energy’s 2024 Drill Down report series, a suite of reports covering many of the key issues expected to impact the markets for crude oil, natural gas and natural gas liquids. Drill Down reports are part of RBN Backstage Pass™ premium resources that also include Blog Archive Access, Spotcheck Indicators, Market Fundamentals Webcasts, Get-Togethers and more. By subscribing to RBN’s Backstage Pass™ Premium Services, you plug into our network and get direct access to our premium resources.
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