BP Finds Way To Bypass US Crude Export Ban

Hugh Pickens DOT Com writes "Bloomberg reports that the oil industry is pressuring President Barack Obama to end the 41-year-old ban on most crude exports but British Petroleum (BP) isn't waiting for a decision. The British oil giant has signed on to take at least 80 percent of the capacity of a new $360 million mini-refinery in Houston that will process crude just enough to escape restrictions on sales outside the country. 'It's a relatively inexpensive way around the export prohibition,' says Judith Dwarkin 'You can lightly ruffle the hydrocarbons and they are considered processed and then they aren't subject to the ban.' Amid a flood of new US oil, the demand for simple, one-step plants capable of transforming raw crude into exportable products such as propane is feeding a construction boom along the Gulf Coast. The first such mini-refinery, built for 1/10 the cost of a complex, full-scale refinery, is scheduled to open the first phase of its 100,000 barrel-a-day crude processing plant in July, The mini-refineries take advantage of the law that allows products refined from oil to be sold overseas, though not the raw crude itself. 'The international buyers of these products will likely need to refine them further, so this is basically a veiled form of condensate exports,' says Leo Mariani."

Was a British company not anymore

[realxmp]

BP hasn't been very British in quite a while, a better name might be "Standard Oil" given how many of the component companies it is made up of came from that particular operation. It gets called British whenever it's politically expedient.

Re:Was a British company not anymore

[ciderbrew]

and to back that up some more. These old reports lists US ownership to be just about equal with UK http://www.globalresearch.ca/w... [globalresearch.ca] AND.. BP, Transocean and Anadarko were the main players in the 2010 Gulf of Mexico oil spill. http://www.globalresearch.ca/u... [globalresearch.ca]