Skip to content
Subscriber Only

Bakken Boom Cutting West Coast Imports of Crude: Energy Markets

The West Coast is bringing in record amounts of crude from the interior of the U.S., cutting the price of foreign supplies and heralding the end of some overseas imports by next year.

California, the world’s ninth-largest economy, shipped via rail more oil than ever in February from North Dakota’s Bakken formation, while Russian imports to the region slid to 713,000 barrels from a June 2012 record of 6.53 million. The premium for Russia’s East Siberia-Pacific Ocean oil has retreated 60 percent against U.S. benchmark West Texas Intermediate since Feb. 20.