Considering U.S. and global oil markets separately would make little sense. 13 Oil, however, moves easily from producing regions to the point of consumption.
Shippers can easily redirect ocean tankers from one destination to the other.
Pipelines provide the cheapest overland transportation for oil, but significant amounts also travel by rail, road and river barge. Natural gas transportation is less flexible due to the low energy density of gas. The energy density of natural gas can be increased by compression, but even at 1,000 pounds per square inch, gas carries far less energy per unit of volume than oil. The windpower forecast took an especially large cut. Policy shifts account for some of the changes.