Imagine you’re planning to serve champagne at your wedding. Just as you’re about to head down the aisle, the caterer pulls you aside and says, “By the way, couldn’t get you champagne, but we’ve got plenty ofWell, it’s kind of like that with crude oil. There are different grades and different flavors. Some are light and flow easily. Some are heavy like sludge. It can be sweet or sour, which is about sulfur content. The specifications for crude go on and on.
The refining firms, particularly the big ones that have facilities on the Gulf of Mexico, made a bad bet, he said. “It turns out to be cheaper to use that technology to process imported crude and export the light sweet crude to somewhere else,” he said. “The U.S. West Coast is really the captive market for ANS,” said Matt Smith lead oil analyst for the Americas at Kpler, a data firm that tracks shipments of commodities around the globe for industry and financial traders.
Those imports were already dropping by the time President Biden announced a ban on Russian imports, Smith said.
Energy Energy Latest News, Energy Energy Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: WIRED - 🏆 555. / 51 Read more »