Earlier this year, when U.S. crude oil exports hit a record 2.2 million bpd, the figure was hailed as the beginning of a new era that could eventually see the world’s top consumer—and top producer for this year so far— export up to 4 million bpd . Some believe that nothing short of a sharp price spike can interfere with the bright future of U.S. light crude. Indeed, if fundamentals were the only factor at play, that would be the case. Alas, there are more factors that can affect the future of the United States as a major oil exporter. First, it’s worth noting why exports are growing. It’s not just because of the shale boom. It’s also not only because of the lifting of the oil export ban from the ‘70s. An important reason for the jump in U.S. crude oil exports is the fact that, as Houston […]