ising production capacity in the United States, a world leader in oil consumption, is turning established market dynamics on their head. British Petroleum (NYSE:BP) recently received permission from the United States government to ship U.S. crude to Canada. Royal Dutch Shell (NYSE:RDSA) has also applied for an export license. Non-OPEC oil supply is expected to increase by 600,000 barrels per day in 2012, and increase to 900,000 barrels per day in 2013. As U.S. imports of oil are expected to decline while exports increase, markets will experience growing pains.
I blame George W. Bush