Energy dominance carries its own backlash, it turns out. Ground zero is the Permian basin in west Texas, where oil production has run ahead of pipeline capacity to get it to market, forcing some U.S. barrels to price at wide discounts. Thankfully, new pipelines should fix the problem by early 2020. Apparently, though, the futures market is less convinced about that last bit. This looks odd. There is about 3.1 million barrels-a-day of pipeline capacity to take crude oil out of the Permian basin versus production of about 3.3 million a day, according to Bloomberg Intelligence. Hence the problem. By early 2020, though, new pipelines should raise that capacity to around 5 million barrels a day. Even allowing for continued growth in output, that sounds like more than enough to let barrels flow and narrow those spreads. […]