All told, the US could become the largest crude oil exporter within five years. While U.S. crude oil production has soared 160 percent to 13 million b/d in the shale-era since 2008, total demand has remained flat at 19-21 million b/d. In turn, exports of crude and products have been mounting fast. The country’s immense refining infrastructure is yielding more gasoline, diesel, jet fuel, heating oil, and other petroleum products now freed up for export to foreign markets. For crude, the surging flows from America’s shale fields have been yielding a light to even a very light grade. These oils are not a natural fit for the country’s refining system, configured to process the heavier grades historically imported from Mexico, Canada, and Venezuela. The mismatch has been augmented by a 2015 law change that allowed U.S. crude to be shipped beyond just neighbor Canada. Suddenly, from 2015 to 2019, […]