Venezuelan oil sales to the U.S. are approaching 28-year lows as the country turns to China amid a shale boom that’s flooding U.S. refineries. Now a Canada-U.S. pipeline threatens to further curb its Gulf of Mexico access.
U.S. crude oil production will approach a record by 2016, climbing to the highest level in 46 years as rising output from shale formations lifts domestic supplies, reducing the nation’s need for foreign oil.
Enbridge Inc.’s plan for a pipeline to carry oil-sands crude from Canada to the Texas Coast may gain a competitive advantage from the U.S. State Department’s demand for further study of TransCanada Corp.’s rival Keystone XL line.
Tesoro Corp. agreed to buy BP Plc’s California oil refinery and 800 gasoline stations in the Southwest for $1.18 billion, paying a below-average price for the facility as fuel costs soar in the region.