Ship Size, Port Depth Impacting U.S. Oil Prices
The Energy Information Administration (EIA) recently offered a unique look at a couple of factors impacting the recent surge in U.S. oil prices. In 2017, U.S. crude oil exports averaged 1.1 million barrels per day (b/d), and they’re up to 1.6 million b/d so far in 2018. These are significant increases from the less than 0.5 million b/d in 2016. This growth in oil exports happened despite the fact that U.S. Gulf Coast ports are unable to load Very Large Crude Carriers (VLCCs).