You know that shale oil, from the Bakken or Eagle Ford rock formations? Bad stuff, right? Terrible for the environment, the Keystone XL pipeline, all that bad publicity, you know?
Shale oil bad, pipeline bad...you know the drill.
Rising crude oil production in the Bakken formation combined with the expansion of crude-by-rail has contributed to in increase of domestic crude oil supply to East Coast refineries.
East Coast receipts of domestic crude reached nearly 490,000 barrels per day in January 2014. Imports have declined to a record low of 524,000 barrels per day in January 2014
Two years ago domestic crude was 18% of East Coast refinery intake. Something really good is happening here.