New pipelines are beginning to carry a glut of domestic crude from the middle of the country to Texas' Gulf Coast, boosting the fortunes of the area's big refineries and further fueling a decline in oil imports.
Magellan Midstream Partners' Longhorn pipeline began shipping oil from West Texas to Houston
in April—the first of at least seven pipeline projects that could send
as much as two million barrels a day from oil-saturated choke points in
Oklahoma and the interior of Texas to the largest concentration of
refineries in the country. But domestic oil production is at such a high
level that the Gulf Coast refineries won't be able to process all of
the crude.
The pipelines, all set to come online by the end of next year, mark a new phase in the U.S. oil boom.(more)
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