"When It Rains, It Pours -- June 24, 2014, After Close Of Business -- Huge News Reports Coming In -- This Is One Of The Biggest -- After Almost Forty Years, The Oil Export Ban Is Lifted

Updates

June 26, 2014: hey, not so fast. RBN Energy provides background, insight, analysis to this story.  Unfortunately RNB posts are generally only available for a short period of time before they disappear, and become available only by subscription. Memo to self: post saved.

Original Post

 
The WSJ is reporting:

The Obama administration cleared the way for the first exports of unrefined American oil in nearly four decades, allowing energy companies to start chipping away at the longtime ban on selling U.S. oil abroad.

In separate rulings that haven't been announced, the Commerce Department gave Pioneer Natural Resources Co. and Enterprise Products Partners LP permission to ship a type of ultralight oil known as condensate to foreign buyers.

The buyers could turn the oil into gasoline, jet fuel and diesel. The shipments could begin as soon as August and are likely to be small, people familiar with the matter said. It isn't clear how much oil the two companies are allowed to export under the rulings, which were issued since the start of this year.

The Commerce Department's Bureau of Industry and Security approved the moves using a process known as a private ruling.

I'll never be able to find it but I posted some time ago that this is exactly how I expected this to play out. There would be no way the Obama administration could ban the ban on oil exports, but in "private rulings," taking each case on a case-by-case basis. But here it comes.

This is the report that Bloomberg alluded to in an earlier link this evening. Lots of news all of a sudden: it seems when it comes to the Bakken and the oil industry in general, "when it rains, it pours."

In addition to all this, in the past week Yahoo!In-Place has been posting several pipeline deals, too many to count, and almost none of which I posted simply because too many deals, simply too much to keep track of. But it is starting to make sense. If the Obama administration is giving the light to exports, the operators need a lot more pipelines than currently in place.

Condensates are a huge "by-product" in the Bakken. And if the "Sleeping Giant" is really there, the story becomes even bigger. All of this certainly explains this story that was posted earlier. It explains why EPD is "going north to the Bakken."

A year or two ago, it was the "year of CBR." Quickly, and sooner than I thought, it looks like we may be heading for the "year of the pipeline."

And don't forget the "Sleeping Giant."

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Going North to the Bakken; The Rush Is On

North To Alaska, Johnny Horton