Pipeline Companies Are Racing to Solve This $100 Million-a-Day Problem [The Motley Fool]
Phillips 66 Partners LP Common Units representing limited partner interest in the Partnership (PSXP)
Last phillips 66 partners lp common units representing limited partner interest in the partnership earnings: 5/1 07:20 am
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Source: The Motley Fool
The lack of infrastructure to transport and refine oil is causing crude produced in the U.S. to sell for a $10 discount compared to the global benchmark. America is awash in oil. According to the U.S. Energy Information Administration (EIA), the country is on pace to produce an average of 10.7 million barrels per day (BPD) this year, which is a huge jump from last year's average of 9.4 million BPD. Meanwhile, the EIA sees oil output in the country rising to an average of 11.5 million BPD next year, with additional growth likely in the future. There's just one problem with this gusher of new output: America doesn't have the infrastructure necessary to transport and process this oil. Because of that, crude that sells at the U.S. benchmark price, WTI, currently fetches roughly $10 a barrel less than oil priced at Brent, which is the global oil benchmark. Multiply that by the country's current production rate, and U.S. producers are missing out on more than $100 million in revenu
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