The shale oil miracle since 2011 has added three million barrels a day in production, which has reached 8.4 million barrels per day in the U.S.A. About 2-3 percent of the contents of these barrels have already caused deadly train accidents because some oil companies have failed to apply the principle of best practices by just investing remarkably small amounts of money to remove the explosive chemicals through already existing technologies. The Federal Government had allowed public comment before they became obligatory.
According the Wall Street Journal of July 31, 2014 Oil Exports Sail through the Roof “A tanker of oil from Texas is preparing to sail for South Korea this week, the first unrestricted sale of unrefined American oil since the 1970s.” In order to avoid cleaning up the shale oil before shipment and perhaps more importantly to avoid surpluses and explosive storage. This shipment, as well as others to follow, is being achieved under a new interpretation of the federal law that bans most sales of American oil overseas.
Last summer Enterprise Products Partners L.P. (NYSE:EPD) noticed a troubling trend: ultralight oil flowing from south Texas was flooding the market and pushing prices down. Energy companies and lobbyist started advocating the end of at least relaxing the ban; ExxonMobil (NYSE: XOM) openly supported lifting export restriction in December.
In lobbying Federal authority, the companies and their lawyers called the companies and their lawyers called the oil condensate and apparently this was enough to obtain export approval. The oil companies always fired a way!
Shale Intel 