Update, 1:56 p.m.: see first comment -- Jones Oil Ireland suggests that "we" will run out of oil in about 50 years. They must not have heard of the Bakken. Another Geico Rock Award nominee?
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RBN Update On Bakken CBR To The West Coast
Pacific Northwest
Link here. West Coast market
- somewhat different than the rest of the US
- WTI vs Alaska North Slope (ANS) delivered to Long Beach, CA
- ANS: the default crude processed by west coast refineries
- if Bakken crude sells at a significant enough discount, CBR is economical
- this post focuses on Pacific Northwest
- later, RBN Energy will focus on California
- much of CBR delivered to the PNW comes from the Bakken
- California CBR mostly from Canada, New Mexico, the Rockies (Bakken?)
- five (5) refineries -- all located in Washington State
- total refinery capacity: 647,000 bopd
- all process ANS
- no pipeline network to deliver US inland crude to the PNW
- Five refineries (now/future Mb/d):
- Tesoro: 50 / 120
- BP: 60 / 234
- Phillips 66: 30/101
- Trailstone (US Oil Refining): 40 / 42
- BP: 0 / 65 -- held up by Environmental Impact Study
- Bakken: $37.24
- ANS: $39.26 (apparently that includes the sea-going tanker rate)
- Bakken CBR: add $10.39/bbl)
- thus: an $8 penalty to use Bakken oil
- other "incentives" keep Bakken CBR moving to the PNW
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