Here at RBN, we have an often repeated view that the flood of oil and gas being produced from unconventional plays will change everything we once knew about energy markets (see Top Ten Energy Prognostications for 2014). One such fundamental change is that the U.S. is now producing more natural gas, NGLs and some grades of crude oil than we can use (except for the past three weeks of Polar Vortex weather, of course). Consequently the U.S. has shifted from a position of hydrocarbon shortage to one of surplus. That is great news. But just down the road there are potential problems developing – distortions in the markets. Some of those surplus products can be exported, some can’t. The rules regarding exports of these hydrocarbon products that we are living with today were all put on the books during the decades of shortage. When you look closely at what those rules really say, you’ve got to scratch your head. Today we begin a series to examine those rules.
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