August 27, 2019

The oil market is already struggling with too much supply, and the U.S. is about to flood the world with a lot more.

In the last decade, the U.S. has more than doubled oil production to 12.3 million barrels a day, making it the world’s largest producer. But the infrastructure needed to transport that crude out of Texas oil fields and onto the world market has been lacking.

This month marks a big change for the industry with the start of the Plains All American Pipeline’s Cactus II, a 670,000 barrel a day pipeline, connecting the Permian Basin to Corpus Christi, Texas, and from there to the world. That pipeline, and another, named Epic, are just the start, with more to follow.

Read more:

https://www.cnbc.com/2019/08/27/the-us-is-about-to-send-a-lot-more-oil-into-an-oversupplied-market.html