By 2012, the U.S. was awash in light sweet crude from (fracked) shale oil deposits in Texas, North Dakota and elsewhere. With Midwest and Gulf Coast refineries configured to take heavy oil, that light crude has been looking for a refining home.
Just months after the 2012 Bilderberg meeting, media reports revealed that Royal Dutch Shell and BP (whose executives were at the secret conclave), trading firm Vitol and three other (unidentified) shale oil producers in the U.S., had applied to tanker their fracked light crude from the U.S. Gulf Coast up to Eastern Canada for refining -- replacing conventional imported oil.