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End of Crude Oil Export Ban Means the End of the Game for Refiners

Date:
July 2, 2014
Source:
TheStreet / Powered by NewsLook.com
Summary:
Dan Dicker, energy contributor at RealMoney, talks to Jim Cramer about the Commerce Department's recent decision to allow the reclassification of condensates as a refined product, in effect ending a 40-year old ban on the export of domestically produced crude oil. This will expand the business of distilling crude oil for export overseas, benefiting U.S. exploration and production companies and some transport MLPs. The losers will be the U.S. refiners, who will see the end of the price advantage they have enjoyed for the last 4 years. Dicker says he would not own any of them right now. Video provided by TheStreet
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