Crudely put
Exports of hydrocarbons from America are already booming. Lifting the ban on crude-oil exports should be next
NAZI U-boats had a deadly hunting season in the Gulf of Mexico in 1942-43, prompting American military planners to put safety first when working out how to ship fuel for the liberation of Europe. Seven decades later, the Sweeny refinery in Texas is still safely (and oddly) inland, out of range of German guns—and playing a part in the rebirth of America as an exporter of hydrocarbons.
At Sweeny and the terminal it serves, Freeport, Philips 66—America’s sixth-biggest listed firm—is spending a combined $3 billion on new facilities to export liquefied petroleum gas (LPG), and on an installation to process natural gas liquids (NGLs). These two products of gas wells are versatile fuels as well as valuable raw materials for petrochemicals.
This article appeared in the Business section of the print edition under the headline "Crudely put"
From the February 7th 2015 edition
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