Gulf Coast Light-Crude Imports May Drop to Zero, BofA Says
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U.S. Gulf Coast imports of light crude will probably drop to zero by 2014 amid North America’s “unprecedented oil boom,” according to Bank of America Corp.
Shipments of light-grade crudes to the U.S. region, which are currently about 500,000 barrels a day, will decline as domestic production displaces imports, the bank said in a note dated yesterday. Light-crude accounts for 15 percent of U.S. total imports, compared with 20 percent a two years ago.