Oil Economy Focus Rapid Review
As several pipelines connecting West Texas and the Gulf Cast near completion, various companies have proposed at least eight offshore oil-export terminals that would stretch from off the coast of Brownsville to southeastern Louisiana so taking advantage of a new flood of crude from the booming Permian Basin. These export plans arise from the fact that Very Large Crude Carriers cannot take on full cargoes from the existing docks, and the only existing offshore terminal is the Louisiana Offshore Oil Port, which began shipping oil overseas last year. But these projects are at least three years away from completion, so translating into a short-term glut of Gulf Coast oil and distressed prices starting this year and worsening in 2020.
LINK TO THE SOURCE ARTICLE: Oil export congestion on the US Gulf Coast
