Economics
A Flood of U.S. Oil Exports Is Coming
- American petroleum exports to overtake Russia within 5 years
- Second wave of U.S. shale revolution to hit geopolitics: IEA
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Oil trader Paul Vega is at the vanguard of shale’s next revolution.
Driving his pick-up truck through the heartland of the Permian basin -- the vast tract of west Texas scrub where one of history’s greatest oil booms means miles-long traffic jams -- Vega says there’s more crude being pumped than America’s refineries can absorb. Today, the primary task of trading houses like his is getting the stuff overseas.