Get out your guitars: I doubt if Bob Dylan had a stray thought about crude oil pass through his mind while penning his folk lament, “For the times they are achangin’” some 50 years ago. But the times they are changing, certainly, in the energy business.

What made me think of that song was a Global Hunter Securities analysis of recent U.S. Energy Information Administration (EIA) figures on Gulf Coast crude oil inputs and products. EIA reported net Gulf Coast refinery runs for a mid-October week averaged 7.89 million barrels per day (MMbbl/d). Nothing out of the ordinary there—some turnarounds in the region actually depressed total product output.

But EIA found that the share of that crude from abroad, some 3.37 MMbbl/d, amounted to just 42.7% of the refineries’ total average daily charge. That share of imports actually was up a click from the previous week when foreign oil made up 40.22% of Gulf refiners’ crude runs. Compare those numbers with a year ago, 47.71% imports; three years ago, 68.02% from abroad; or five years ago—81.71% imports.

In other words, oil imports to this important refining center have dropped significantly during the past five years. Amazingly, we’re in a new season of the energy business.

That led my thoughts to another folk singer, Pete Seeger, and his adaptation of verses from Ecclesiastes, “Turn! Turn! Turn!” Perhaps the energy industry’s import paraphrase should be Down! Down! Down!

It’s all happy news for an economy that otherwise seems to be stuck in the doldrums. One wonders, what would the U.S. economy be like without the shale boom and its surging domestic oil output?

The challenge for the midstream remains to rejigger our great infrastructure to handle such a monumental change. Such problems should be music to Americans’ ears.

Editorial advisors

Separately, I want to take a moment and honor the contributions of our Midstream Business editorial advisory board. Its members provide important guidance and feedback on what we do at this publication.

I particularly want to recognize Walter “Skip” Simmons for his service on the board and for several articles he has written for these pages. Skip, who famously told his fellow board members in a recent meeting that he “really is retiring this time,” was one of the first people I met when I joined Midstream Business, and I have relied on him many times for his wise counsel.

Joining the committee this fall are Bradley Olsen, managing director and midstream analyst for Tudor, Pickering, Holt & Co. Brad has been quoted here several times and has been a popular speaker at Hart Energy conferences. Also, William R. Lemmons, Jr., managing partner for EnCap Flatrock Midstream. Billy already has provided some valuable insights during his short tenure as we lay out plans for 2015.

Our continuing advisory board members are:

  • Don Baldridge, president, marketing and logistics business unit, DCP Midstream LLC;
  • Christopher Breck, managing partner, Heronetta Management LP;
  • Darrell Bull, vice president, business development, Crestwood Midstream Partners LP;
  • Debbie J. Conway, midstream consultant;
  • Ben Davis, partner, Energy Spectrum Partners;
  • John Harpole, founder and president, Mercator Energy LLC; and
  • Frank Tsuru, president and CEO, Momentum/M3 Midstream LLC.

Naturally, we welcome suggestions from all of our readers—and thanks as always for making us a part of your professional reading.

Paul Hart can be reached at pdhart@hartenergy.com or 713-260-6427.

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