US Gulf Coast's crude oil stockpiles at record high
Tanks filling up as pipelines carry in shale oil and law restricts exports
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[HOUSTON] Houston and the rest of the US Gulf Coast have more crude oil than the region can handle.
Stockpiles in the region centred on Houston and stretching to New Mexico in the west and Alabama in the east rose to 202 million barrels in the week ended April 4, the most on record, Energy Information Administration (EIA) data released on Wednesday show.
Storage tanks are filling as new pipelines carry light, sweet oil found in shale formations to the coast and US law keeps companies from moving it out. Most crude exports are banned and the 13 ships that can legally move oil between US ports are booked solid. The federal Jones Act restricts domestic seaborne trade to vessels owned, flagged and built in the US and crewed by citizens.
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