The Rising Influence of Rising Affluence

[DewDiligence]

More commentary on the US decision to allow export of certain condensates:

http://www.reuters.com/article/2014/06/25/us-usa-energy-condensate-idUSKBN0F037820140625

The news rippled across markets, driving U.S. oil up $1 a barrel, sending the value of Enterprise and Pioneer soaring, and hammering shares of major U.S. refiners such as Valero Energy Corp. (VLO) due to the potential for higher costs. Most refineries on the U.S. Gulf Coast are built to run heavier crudes from Canada or Venezuela.

Even so, the long-term impact is unclear. Some see it as the first critical step toward loosening a decades-long ban on crude exports while others viewed it as a largely symbolic move that merely clarified laws that were already on the books.