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re: US officially enters recession - GDP contracted by 0.9% in Q2.
Posted on 7/30/22 at 10:40 am to Warfox
Posted on 7/30/22 at 10:40 am to Warfox
the USA has to export 2 million BPD of that too light to refine as is crude from West Texas. It is only legally called oil because of congressional action in the 1970's which banned oil exports except from AK and CA that also legally defined what everyone calls condensate into being crude oil. Keystone XL is needed to bring heavy oil to blend with it so that it can be refinable. A refinery loses 30% throughput capacity if only on that West Texas "crude oil" very little of it actually meets the spec of West Texas Intermediate, which itself is only a specification for trading not actual crude oil
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