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Bloomberg reported today that Houston and the US Gulf Coast now contain 202 million barrels of crude oil, according to Energy Information Administration data.
Bloomberg reported today that Houston and the US Gulf Coast now contain 202 million barrels of crude oil, according to Energy Information Administration data.
The Bank of America forecasts that the excess will push benchmark West Texas Intermediate oil prices down, making it $13 per barrel cheaper than Brent.
As quoted in the publication:
Storage tanks are filling as new pipelines carry light, sweet oil found in shale formations to the coast and U.S. law keeps companies from moving it out. Most crude exports are banned and the 13 ships that can legally move oil between U.S. ports are booked solid. The federal Jones Act restricts domestic seaborne trade to vessels owned, flagged and built in the U.S. and crewed by citizens.