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The terminal is expected to link North America’s growing oil supply with Gulf Coast refineries, but as storage dwindles, where does the project stand today?

US Strategic Petroleum Reserve to start unloading crude barrels as soon as April A federal effort to sell roughly 20 million barrels of crude oil from the US Strategic Petroleum Reserve could begin deliveries as early as April and continue well into 2021. The reserve, which was sitting at 638.1 million barrels as of Jan. 8 according to the US Energy Information Administration, has slowly declined since peaking at more than 726 million barrels in early 2010. But that decline has coincided with gains in commercial storage over most of the last decade as the nation’s shale oil boom took hold. ...

Exports Boosted US Shale Market, but Long-Term Demand Uncertain The Theo T oil tanker sits docked at a facility in Corpus Christi, Texas, in December 2015. (Bloomberg News) [Ensure you have all the info you need in these unprecedented times. Subscribe now.] Five years ago on New Year’s Eve, the Theo T left the Texas Gulf Coast with the first U.S. shale crude shipment overseas. The oil, gathered from nearby ConocoPhillips wells and sold to trading giant Vitol Group, set sail for Italy just two weeks after lawmakers lifted a long-standing ban on exports. It was the start of a run that would r...

U.S. shale oil has become a global contender, reducing the U.S.’ important dependence and cushioning global supply outages

The shale boom has turned the U.S. into the world's largest oil producer and has moved it ever closer to ending dependence on Middle East oil.