North America's shale oil boom has started to squeeze Saudi Arabian oil out of the U.S. market in the same way it did with West African crude, the West's energy agency said on Thursday.
The International Energy Agency also predicted a flood of U.S. gasoline exports to world market.
For a different perspective, see Slate's article back in 2013."In recent years, surging light tight oil production has backed out U.S. imports of West African crude, which are now moving to Asia," the IEA said in a monthly report."Saudi exports seem to be showing the beginning of a similar shift," it said, estimating that Saudi exports have likely run below 7 million barrels per day for the last four months, their lowest level since September 2011."Exports to the U.S. led the drop amid rising Saudi domestic demand for crude burn and refinery runs," the IEA said. Saudi Arabia was pricing oil out of the U.S. markets by keeping official selling prices high while adjusting them down for Asia, it added.The North American supply boom has not only cut crude imports into the United States but also turned it into a net products exporter - in sharp contrast with previous decades when it was the largest importer in the world.
MexicoReuters is reporting:
Mexico state-run oil company Pemex on Thursday said it will invest nearly $5.5 billion in expanding the country's largest natural gas pipeline, building a fertilizer plant and boosting output of cleaner-burning gasoline and diesel.
Pemex said it would spend $2.5 billion on the second phase of the Los Ramones pipeline, which will eventually run from the U.S.-Mexico border to central Mexico to help satisfy growing demand for gas by boosting cheap imports from the United States. It will also invest $2.8 billion on upgrading five of its six refineries to process cleaner fuel, as well as $184 million on a fertilizer plant.
Pemex currently has to import about half of its gasoline and diesel needs due to lacking domestic capacity.
The Wall Street Journal
Sanctions on Russia put Exxon at risk.
Economists see overseas risks as growth wild card. [If Europe can't get their act together with falling oil prices, ...]
This is big: Homeland Security to create Southwest Border Command.
ObamaCare: health care spending picks up. This is a very interesting story. If this was an investment site, I would add more but this is not an investment site. Do not make any investment decisions based on anything you read here or think you may have read here.
Scientists identify first swimming dinosaur. By the way, there has been a lot of new stories on dinosaurs over the past few weeks.
Germany sees rising anti-Semitism among Muslims -- well, duh.
RadioShack ... drip ... drip ... drip ...
Sprint CEO aims to return carrier to its roots ... unlimited data plans.
Gasoline prices have dropped 19% from highs hit in June; markets suggest more to come. [Something to return in 2015 when new indirect taxes hit California gasoline; previously posted.]
Grain, soybean futures hit 4-year lows....record-setting harvests.
The Los Angeles Times
Ohio school shooter serving three life terms for the 2012 shooting rampage at Chardon High School, killing three people, escapes from prison.
The Watch: I Was Wrong
Of everything presented at the Apple presentation this past week, I was most disappointed in the Watch. Earlier I said it would simply be a fashion accessory, and simply superfluous.
The "aha" moment came at 11:43 p.m. CDT having just watched the last episode of "House Of Cards, Season One" and then seeing this story over at Macrumors. It's now obvious why Tim Cook said he felt "victorious" (his word, not mine) after his presentation on Tuesday.
I'm not going to say anything more right now. I want others to think about the special niche that the Watch will have. One clue: Apple did not say how often it would require charging. Some say that's the weak link; I thought so, at first. Now, not an issue.
I am thrilled. This has been bugging me all week, what was Apple thinking. Now I know.
Oh, I can't resist. One more clue: the iPhone 6 and iPhone 6 Plus are bigger than previous iPhones.