The US could find its light crude oil production growth stymied if it doesn't allow more of it to be exported, speakers warned during the US Energy Information Administration's 2014 energy conference's first day.
John R. Auers, executive vice-president of Turner, Mason & Co. Consulting Engineers in Dallas, described what he termed "a day of reckoning" during a July 14 morning session. This day would come, he said, when US crude production exceeds refining capacity to a point that prices become so heavily discounted to comparable overseas grades that producers decide not to increase production further.
IHS Vice-Chairman Daniel Yergin agreed. "The rationales for a crude o...