YOU ALREADY KNOW IT’S TEXAS, RIGHT? This 1 State Is Turning America Into an Oil-Exporting Juggernaut.
That anticipated gusher of oil production growth in Texas has the industry planning to spend billions of dollars on building out the necessary infrastructure to move more barrels to global markets. Enterprise Products Partners is one of several companies working on oil pipelines in the region. The company is currently in the middle of converting an existing natural gas liquids line to oil service, which will help move additional Permian barrels toward the coast. Meanwhile, Canadian oil pipeline giant Enbridge (NYSE:ENB) is working with MLP Phillips 66 Partners (NYSE:PSXP) and refiner Marathon Petroleum (NYSE:MPC) to build the Gray Oak pipeline. That roughly $2 billion-system will move 900,000 BPD of crude from both the Permian as well as the Eagle Ford to refineries and export facilities along the coast of Texas.
As these and other export projects come online, they’ll enable the country to ship more oil overseas. According to Enterprise Products’ forecast, the U.S. is on track to exceed Saudi Arabia’s export capacity by 2024.
Tens of thousands of jobs, energy independence, nothing will matter when (if, I hope, though I’m pessimist about that) any of the Democrat candidates prevail; they have all vowed to stop production of fossil fuels.