By Keith Kohl
Last month, a small tanker left the Turkish port of Ceyhan with nearly a million barrels of oil in its hull. The crude was pumped out of northern Iraq and then piped across the border into Turkey.
A few days ago, it was caught in the crosshairs of the U.S. Coast Guard off the coast of Florida.
July 28th, the tanker finally dropped anchor at its destination: Galveston, Texas.
But as I mentioned the United Kalavrvta‘s long journey from Kurdish oil fields to Texas refineries was nothing more than a symbolic event. It’s a situation more apt for political theater because the U.S. certainly wasn’t desperate for the crude cargo.
And there are a little more than a billion and a half reasons why…
Welcome to Saudi Dakota
Look, the entire market is aware of the oil boom taking place in North Dakota right now. But it was only recently that the Peace Garden State — now officially our second largest oil-producing state — joined the million-barrels-per-day club.
That’s not too shabby considering less than a dozen oil fields in history have ever broken the million-barrels-per-day benchmark.
If things keep going the way they do, it’s only a matter of time before North Dakota is producing more oil than Alaska and California combined!
But let’s really put this domestic oil boom into perspective…