<!DOCTYPE html><html lang="en"><head><base href="/"><title>Hurricane Harvey's Aftermath Shows The Desperate Need For Investment In U.S. Energy Infrastructure</title><meta charset="UTF-8"><meta http-equiv="X-UA-Compatible" content="IE=edge,chrome=1"><meta name="viewport" content="width=device-width,initial-scale=1,maximum-scale=1,user-scalable=no"><link rel="canonical" itemprop="url" href="https://www.forbes.com/sites/jimcollins/2017/08/31/hurricane-harveys-aftermath-shows-the-desperate-need-for-investment-in-u-s-energy-infrastructure/"><script>!function(e){function n(r){if(t[r])return t[r].exports;var o=t[r]={i:r,l:!1,exports:{}};return e[r].call(o.exports,o,o.exports,n),o.l=!0,o.exports}var r=window.webpackJsonp;window.webpackJsonp=function(t,c,a){for(var i,u,f,d=0,s=[];d<t.length;d++)u=t[d],o[u]&&s.push(o[u][0]),o[u]=0;for(i in c)Object.prototype.hasOwnProperty.call(c,i)&&(e[i]=c[i]);for(r&&r(t,c,a);s.length;)s.shift()();if(a)for(d=0;d<a.length;d++)f=n(n.s=a[d]);return f};var 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<!----><h1 _ngcontent-c15="" class="fs-headline speakable-headline">Hurricane Harvey's Aftermath Shows The Desperate Need For Investment In U.S. Energy Infrastructure</h1>

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<div _ngcontent-c20="" innerhtml="<p>Someone once asked me at an energy conference &quot;what do you think of U.S. energy policy?&quot; &amp;nbsp;My response was &quot;do we have one?&quot; &amp;nbsp;Unfortunately, it takes a disaster of the scale of Hurricane Harvey to put that lack of governmental direction in the forefront of investors' minds. &amp;nbsp;We've had a nice reversal on crude oil today, and I'm feeling good about my &quot;counter-Goldman&quot; positive call on exploration and production stocks <a href=&quot;https://www.forbes.com/sites/jimcollins/2017/08/30/take-the-other-side-of-the-goldman-trade-on-eps-in-harveys-aftermath/&quot; target=&quot;_self&quot;>in my column yesterday</a>, especially my recommendation of Denbury Resources stock, which has jumped 12% in this morning's trading. &amp;nbsp;Taking the opposite trade versus an ill-timed Goldman research call is&amp;nbsp;lucrative, but it is not the endgame for energy investing. &amp;nbsp;At some point the structure of the energy markets needs to change, and that will determine the future winners among energy players, not just day-to-day trading stars.</p> 
<div id=&quot;attachment_839866660&quot; class=&quot;wp-caption alignnone&quot;> 
 <div class=&quot;article-body-image&quot;> 
  <progressive-image class=&quot;progressive-placeholder&quot; src=&quot;https://thumbor.forbes.com/thumbor/960x0/smart/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F839866660%2F960x0.jpg%3Ffit%3Dscale&quot; low-res-src=&quot;https://thumbor.forbes.com/thumbor/100x0/smart/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F839866660%2F960x0.jpg%3Ffit%3Dscale&quot;></progressive-image> 
 </div> 
 <div article-image-caption=&quot;&quot;> 
  <div class=&quot;caption-container&quot; ng-class=&quot;caption_state&quot;> 
   <fbs-accordion current=&quot;0&quot;> 
    <p class=&quot;wp-caption-text&quot;>ROCKPORT, TX - AUGUST 27: A member of the Texas Task Force 2 search and rescue team works through a destroyed apartment complex trying to find anyone that still may be in the apartment complex after Hurricane Harvey passed through on August 27, 2017 in Rockport, Texas. Harvey made landfall shortly after 11 p.m. Friday, just north of Port Aransas as a Category 4 storm and is being reported as the strongest hurricane to hit the United States since Wilma in 2005. Forecasts call for as much as 30 inches of rain to fall in the next few days. (Photo by Joe Raedle/Getty Images)</p> 
   </fbs-accordion> 
  </div> 
 </div> 
</div> 
<p>The energy news today has been dominated by Motiva's decision to shut down production at its Port Arthur refinery, the nation's largest. &amp;nbsp;None of the articles I have read have mentioned the key figure, however. &amp;nbsp;In total, the U.S. has 137 operable refineries in 2017. &amp;nbsp;In 1982 that figure was 254. &amp;nbsp;That is just a startling figure, and while refining capacity has increased during that 35-year period, the compound annual growth rate&amp;nbsp;in U.S. refining capacity from 1982-2017 has been a minimal 0.35%.</p> 
<p>Small splitter refineries have been built of late (5 in the past 3 years), but the last <em><strong>major</strong></em> refinery to open in the U.S. was according to the EIA:</p> 
<p><em>However, the newest refinery with significant downstream unit capacity is Marathon's facility in Garyville, Louisiana. That facility came online in 1977 with an initial atmospheric distillation unit capacity of 200,000 b/cd and as of January 1, 2017 had a capacity of 543,000 b/cd.</em></p> 
<p> 
 </p> 
<p>Yes, it was in 1977. &amp;nbsp;There are refineries and then there are <em><strong>refineries</strong></em>, and the 12 new small plants opened in the 40 years since Garyville have a combined capacity of barely half of Garyville's.</p> 
<p>It's an astounding detail, and anyone who believes that a 40-year pause in any infrastructure sub-sector is not going to have lasting impacts is truly delusional. &amp;nbsp;Also, the Gulf Coast is not a center of oil refining capacity merely because consumers in Texas like to drive big trucks. &amp;nbsp;No, those facilities are on the Gulf, in part anyway, so they can receive oil from overseas. &amp;nbsp;That oil tends to be &quot;heavy&quot; (more viscous; higher specific gravity) and &quot;sour&quot; (higher concentration of hydrogen sulfide) as opposed to the light, sweet crude that comes from fields in the Permian and the like.</p> 
<div class=&quot;vestpocket&quot; vest-pocket=&quot;&quot;></div> 
<p>During the Carter Administration that might have made sense, but in 2017 technology that allows for economic recovery of tight oil has made it clear that the U.S. is sitting on much, much more recoverable crude oil than had ever been imagined. &amp;nbsp;Yet we continue to import huge amounts of oil; 7.905 million barrels per day last week according to the EIA. &amp;nbsp;In contrast the U.S. exported an average of 902 thousand barrels per day of crude oil last week.</p> 
<p>So, that's the next transformation that needs to occur. &amp;nbsp;If some good can come out of the otherwise horrifyingly tragic events of Harvey and its aftermath, it will be a refocus of priorities toward energy infrastructure. &amp;nbsp;As the country builds facilities dedicated to renewables like solar and wind--many of which are located in Texas, by the way--the government needs to enable carbon-based fuel infrastructure to bring end products more efficiently and profitably to the consumers that need it.</p>"><p class="speakable-paragraph">Someone once asked me at an energy conference "what do you think of U.S. energy policy?" &nbsp;My response was "do we have one?" &nbsp;Unfortunately, it takes a disaster of the scale of Hurricane Harvey to put that lack of governmental direction in the forefront of investors' minds. &nbsp;We've had a nice reversal on crude oil today, and I'm feeling good about my "counter-Goldman" positive call on exploration and production stocks <a href="https://www.forbes.com/sites/jimcollins/2017/08/30/take-the-other-side-of-the-goldman-trade-on-eps-in-harveys-aftermath/" target="_self">in my column yesterday</a>, especially my recommendation of Denbury Resources stock, which has jumped 12% in this morning's trading. &nbsp;Taking the opposite trade versus an ill-timed Goldman research call is&nbsp;lucrative, but it is not the endgame for energy investing. &nbsp;At some point the structure of the energy markets needs to change, and that will determine the future winners among energy players, not just day-to-day trading stars.</p> 
<div id="attachment_839866660" class="wp-caption alignnone"> 
 <div class="article-body-image"> 
  <progressive-image class="progressive-placeholder" src="https://thumbor.forbes.com/thumbor/960x0/smart/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F839866660%2F960x0.jpg%3Ffit%3Dscale" low-res-src="https://thumbor.forbes.com/thumbor/100x0/smart/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F839866660%2F960x0.jpg%3Ffit%3Dscale"></progressive-image> 
 </div> 
 <div article-image-caption=""> 
  <div class="caption-container" ng-class="caption_state"> 
   <fbs-accordion current="0"> 
    <p class="wp-caption-text">ROCKPORT, TX - AUGUST 27: A member of the Texas Task Force 2 search and rescue team works through a destroyed apartment complex trying to find anyone that still may be in the apartment complex after Hurricane Harvey passed through on August 27, 2017 in Rockport, Texas. Harvey made landfall shortly after 11 p.m. Friday, just north of Port Aransas as a Category 4 storm and is being reported as the strongest hurricane to hit the United States since Wilma in 2005. Forecasts call for as much as 30 inches of rain to fall in the next few days. (Photo by Joe Raedle/Getty Images)</p> 
   </fbs-accordion> 
  </div> 
 </div> 
</div> 
<p>The energy news today has been dominated by Motiva's decision to shut down production at its Port Arthur refinery, the nation's largest. &nbsp;None of the articles I have read have mentioned the key figure, however. &nbsp;In total, the U.S. has 137 operable refineries in 2017. &nbsp;In 1982 that figure was 254. &nbsp;That is just a startling figure, and while refining capacity has increased during that 35-year period, the compound annual growth rate&nbsp;in U.S. refining capacity from 1982-2017 has been a minimal 0.35%.</p> 
<p>Small splitter refineries have been built of late (5 in the past 3 years), but the last <em><strong>major</strong></em> refinery to open in the U.S. was according to the EIA:</p> 
<p><em>However, the newest refinery with significant downstream unit capacity is Marathon's facility in Garyville, Louisiana. That facility came online in 1977 with an initial atmospheric distillation unit capacity of 200,000 b/cd and as of January 1, 2017 had a capacity of 543,000 b/cd.</em></p> 
<p> 
 </p> 
<p>Yes, it was in 1977. &nbsp;There are refineries and then there are <em><strong>refineries</strong></em>, and the 12 new small plants opened in the 40 years since Garyville have a combined capacity of barely half of Garyville's.</p> 
<p>It's an astounding detail, and anyone who believes that a 40-year pause in any infrastructure sub-sector is not going to have lasting impacts is truly delusional. &nbsp;Also, the Gulf Coast is not a center of oil refining capacity merely because consumers in Texas like to drive big trucks. &nbsp;No, those facilities are on the Gulf, in part anyway, so they can receive oil from overseas. &nbsp;That oil tends to be "heavy" (more viscous; higher specific gravity) and "sour" (higher concentration of hydrogen sulfide) as opposed to the light, sweet crude that comes from fields in the Permian and the like.</p> 
<div class="vestpocket" vest-pocket=""></div> 
<p>During the Carter Administration that might have made sense, but in 2017 technology that allows for economic recovery of tight oil has made it clear that the U.S. is sitting on much, much more recoverable crude oil than had ever been imagined. &nbsp;Yet we continue to import huge amounts of oil; 7.905 million barrels per day last week according to the EIA. &nbsp;In contrast the U.S. exported an average of 902 thousand barrels per day of crude oil last week.</p> 
<p>So, that's the next transformation that needs to occur. &nbsp;If some good can come out of the otherwise horrifyingly tragic events of Harvey and its aftermath, it will be a refocus of priorities toward energy infrastructure. &nbsp;As the country builds facilities dedicated to renewables like solar and wind--many of which are located in Texas, by the way--the government needs to enable carbon-based fuel infrastructure to bring end products more efficiently and profitably to the consumers that need it.</p></div>
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	</app-root><script id="ng-templates-state" type="application/json">{&q;environmentName&q;:&q;prod&q;,&q;is_mobile&q;:false,&q;/forbesapi/content/uri.json?shortcodes=true&a;slides=true&a;type=ng&a;tickers=true&a;bvallpages=true&a;autovpslider=true&a;stream=true&a;compressimages=true&a;mobile=false&a;prgsmobileads=false&a;relativeVideo=true&a;videoplayertype=brightcove_perform_with_keyvalues&a;swimlane=&a;uri=http://www.forbes.com/sites/jimcollins/2017/08/31/hurricane-harveys-aftermath-shows-the-desperate-need-for-investment-in-u-s-energy-infrastructure/&q;:{&q;content&q;:{&q;id&q;:&q;content_59a81d3564aaf97b128dda0a&q;,&q;naturalId&q;:&q;blogAndPostId/blog/post/5084-140&q;,&q;source&q;:&q;blogs&q;,&q;author&q;:&q;Jim Collins&q;,&q;title&q;:&q;Hurricane Harvey&s;s Aftermath Shows The Desperate Need For Investment In U.S. Energy Infrastructure&q;,&q;date&q;:1504194900000,&q;body&q;:&q;&l;p&g;Someone once asked me at an energy conference \&q;what do you think of U.S. energy policy?\&q; &a;nbsp;My response was \&q;do we have one?\&q; &a;nbsp;Unfortunately, it takes a disaster of the scale of Hurricane Harvey to put that lack of governmental direction in the forefront of investors&s; minds. &a;nbsp;We&s;ve had a nice reversal on crude oil today, and I&s;m feeling good about my \&q;counter-Goldman\&q; positive call on exploration and production stocks &l;a href=\&q;https://www.forbes.com/sites/jimcollins/2017/08/30/take-the-other-side-of-the-goldman-trade-on-eps-in-harveys-aftermath/\&q;&g;in my column yesterday&l;/a&g;, especially my recommendation of Denbury Resources stock, which has jumped 12% in this morning&s;s trading. &a;nbsp;Taking the opposite trade versus an ill-timed Goldman research call is&a;nbsp;lucrative, but it is not the endgame for energy investing. &a;nbsp;At some point the structure of the energy markets needs to change, and that will determine the future winners among energy players, not just day-to-day trading stars.\r\n\r\n[caption id=\&q;attachment_839866660\&q; photocredit=\&q;\&q;  align=\&q;\&q; width=\&q;960\&q;]&l;img class=\&q;dam-image getty size-large wp-image-839866660\&q; src=\&q;https://specials-images.forbesimg.com/imageserve/839866660/960x0.jpg?fit=scale\&q; data-height=\&q;640\&q; data-width=\&q;960\&q;&g; ROCKPORT, TX - AUGUST 27: A member of the Texas Task Force 2 search and rescue team works through a destroyed apartment complex trying to find anyone that still may be in the apartment complex after Hurricane Harvey passed through on August 27, 2017 in Rockport, Texas. Harvey made landfall shortly after 11 p.m. Friday, just north of Port Aransas as a Category 4 storm and is being reported as the strongest hurricane to hit the United States since Wilma in 2005. Forecasts call for as much as 30 inches of rain to fall in the next few days. (Photo by Joe Raedle/Getty Images)[/caption]\r\n\r\nThe energy news today has been dominated by Motiva&s;s decision to shut down production at its Port Arthur refinery, the nation&s;s largest. &a;nbsp;None of the articles I have read have mentioned the key figure, however. &a;nbsp;In total, the U.S. has 137 operable refineries in 2017. &a;nbsp;In 1982 that figure was 254. &a;nbsp;That is just a startling figure, and while refining capacity has increased during that 35-year period, the compound annual growth rate&a;nbsp;in U.S. refining capacity from 1982-2017 has been a minimal 0.35%.\r\n\r\nSmall splitter refineries have been built of late (5 in the past 3 years), but the last &l;em&g;&l;strong&g;major&l;/strong&g;&l;/em&g; refinery to open in the U.S. was according to the EIA:\r\n\r\n&l;em&g;However, the newest refinery with significant downstream unit capacity is Marathon&s;s facility in Garyville, Louisiana. That facility came online in 1977 with an initial atmospheric distillation unit capacity of 200,000 b/cd and as of January 1, 2017 had a capacity of 543,000 b/cd.&l;/em&g;\r\n\r\nYes, it was in 1977. &a;nbsp;There are refineries and then there are &l;em&g;&l;strong&g;refineries&l;/strong&g;&l;/em&g;, and the 12 new small plants opened in the 40 years since Garyville have a combined capacity of barely half of Garyville&s;s.\r\n\r\nIt&s;s an astounding detail, and anyone who believes that a 40-year pause in any infrastructure sub-sector is not going to have lasting impacts is truly delusional. &a;nbsp;Also, the Gulf Coast is not a center of oil refining capacity merely because consumers in Texas like to drive big trucks. &a;nbsp;No, those facilities are on the Gulf, in part anyway, so they can receive oil from overseas. &a;nbsp;That oil tends to be \&q;heavy\&q; (more viscous; higher specific gravity) and \&q;sour\&q; (higher concentration of hydrogen sulfide) as opposed to the light, sweet crude that comes from fields in the Permian and the like.\r\n\r\nDuring the Carter Administration that might have made sense, but in 2017 technology that allows for economic recovery of tight oil has made it clear that the U.S. is sitting on much, much more recoverable crude oil than had ever been imagined. &a;nbsp;Yet we continue to import huge amounts of oil; 7.905 million barrels per day last week according to the EIA. &a;nbsp;In contrast the U.S. exported an average of 902 thousand barrels per day of crude oil last week.\r\n\r\nSo, that&s;s the next transformation that needs to occur. &a;nbsp;If some good can come out of the otherwise horrifyingly tragic events of Harvey and its aftermath, it will be a refocus of priorities toward energy infrastructure. &a;nbsp;As the country builds facilities dedicated to renewables like solar and wind--many of which are located in Texas, by the way--the government needs to enable carbon-based fuel infrastructure to bring end products more efficiently and profitably to the consumers that need it.\r\n&l;!--nextpage--&g;\r\nPresident Trump and Energy Secretary Perry talk of energy dominance as the next step after energy independence. &a;nbsp;To be sure, enabling the Dakota Access pipeline and giving federal approval for Keystone XL (it still faces hurdles at the state level, especially in Nebraska) was a step in the right direction after the Obama Administration&s;s puzzling decisions against both projects. &a;nbsp; With a net negative oil trade balance of more than 7 million barrels per day, however, it is clear that the U.S. is still nowhere near energy independence, let alone dominance.\r\n\r\nThe exploration and production companies will always be \&q;my guys,\&q; as I have significant consulting relationships with E&a;amp;Ps and companies that service them. &a;nbsp;As today&s;s trading action proves, it&s;s also possible to make money investing in their stocks, although dexterity and limit orders are required. &a;nbsp;At the end of the day, though, those companies are too small to shift the balance of production and are price-takers in an industry that is dependent on much larger players.\r\n\r\nUltimately it is the companies that transport oil that can solve the infrastructure crisis by designing (and risking the capital) to build more efficient means of distributing hydrocarbon products. &a;nbsp;So I&s;ll discuss companies in the pipeline and shipping industry--which may be even more loathed by tech-crazy investors than the E&a;amp;Ps--in my next column for Forbes.\r\n\r\n&a;nbsp;&l;/p&g;&q;,&q;description&q;:&q;America&s;s lack of a coherent energy policy for four decades is being exposed in Harvey&s;s aftermath.&q;,&q;image&q;:&q;https://specials-images.forbesimg.com/imageserve/839866660/960x0.jpg?fit=scale&q;,&q;type&q;:&q;blog&q;,&q;storyType&q;:&q;post&q;,&q;uri&q;:&q;http://www.forbes.com/sites/jimcollins/2017/08/31/hurricane-harveys-aftermath-shows-the-desperate-need-for-investment-in-u-s-energy-infrastructure/&q;,&q;comments&q;:[],&q;visible&q;:true,&q;authors&q;:[{&q;naturalId&q;:&q;blogAuthorId/blog/author/1473665&q;,&q;name&q;:&q;Jim Collins&q;,&q;avatars&q;:[{&q;size&q;:400,&q;image&q;:&q;https://blogs-images.forbes.com/greatspeculations/files/2015/12/Jim-Collins_avatar_1450389766-400x400.jpg&q;},{&q;size&q;:136,&q;image&q;:&q;https://blogs-images.forbes.com/greatspeculations/files/2015/12/Jim-Collins_avatar_1450389766-136x136.jpg&q;},{&q;size&q;:62,&q;image&q;:&q;https://blogs-images.forbes.com/greatspeculations/files/2015/12/Jim-Collins_avatar_1450389766-62x62.jpg&q;},{&q;size&q;:40,&q;image&q;:&q;https://blogs-images.forbes.com/greatspeculations/files/2015/12/Jim-Collins_avatar_1450389766-40x40.jpg&q;}],&q;url&q;:&q;http://www.forbes.com/sites/jimcollins/&q;,&q;type&q;:&q;Contributor&q;,&q;profileUrl&q;:&q;/sites/jimcollins/&q;,&q;twitterName&q;:&q;@PortfolioGuru&q;,&q;authorType&q;:&q;individual&q;,&q;linkedIn&q;:&q;https://www.linkedin.com/in/jim-collins-portfolio-guru&q;,&q;email&q;:&q;jameskirkcollins@gmail.com&q;,&q;blog&q;:false,&q;timestamp&q;:1509934154294,&q;webSite&q;:&q;http://www.microcapguru.com&q;,&q;blogName&q;:&q;Jim Collins&q;,&q;topics&q;:[&q;markets&q;,&q;stocks&q;,&q;investing&q;,&q;autos&q;,&q;international&q;,&q;energy&q;,&q;wall-street&q;,&q;powering-productivity&q;],&q;description&q;:&q;I have researched stocks for 22 years, starting fresh out of college at Lehman Brothers and then moving to Donaldson, Lufkin and Jenrette. At DLJ I was a Senior Analyst following US auto parts companies before relocating to London to originate DLJ&s;s European Automotive coverage and then moving to UBS. I had a decade of sell-side experience, attaining the CFA designation. After years of growing my own portfolio, I founded Portfolio Guru LLC three years ago. I construct portfolios for my clients on a fee-only, separately-managed basis and write about small stocks in my newsletter, MicroCap Guru. My work is also featured on Real Money, the premium portal of TheStreet.com.  The Sanskrit root of \&q;Guru\&q; combines \&q;dispel\&q; and \&q;darkness.\&q; I invest solely for individuals, and for them I try to dispel the darkness that emanates from Wall Street. My friends enjoy poking fun at my nom de stock, and when I am not Guru-ing, I enjoy spending time with them, outdoor activities, and sampling NYC. I can be reached at jim@portfoliogurupost.com.com&q;,&q;recentActivityCount&q;:0,&q;latestActivityDate&q;:1446219300000,&q;dailyActivityCount&q;:0,&q;primaryBlogNaturalId&q;:&q;blogAuthorId/blog/author/blog-5084&q;,&q;shortUri&q;:&q;http://bit.ly/2tlNEsc&q;,&q;displayChannel&q;:&q;investing&q;,&q;displaySection&q;:&q;greatspeculationsblog&q;,&q;contributorSince&q;:1416282342000,&q;slug&q;:&q;jimcollins&q;,&q;showNoVestPocket&q;:false,&q;embargo&q;:false,&q;primaryChannelId&q;:&q;channel_2&q;,&q;altEmail&q;:&q;jameskirkcollins@yahoo.com&q;,&q;enableContribContact&q;:true,&q;enableTwitterFeed&q;:false,&q;disableCanonical&q;:false,&q;disableDigest&q;:false,&q;forbesTwitterProfile&q;:{&q;screenName&q;:&q;PortfolioGuru&q;,&q;name&q;:&q;The Portfolio Guru&q;,&q;profileImageUrl&q;:&q;http://pbs.twimg.com/profile_images/634748182602223617/-ogo8qKp.jpg&q;,&q;description&q;:&q;&q;,&q;createdDate&q;:1317344377000,&q;location&q;:&q;New York&q;,&q;url&q;:&q;https://t.co/l40JssuFL2&q;,&q;expandedUrl&q;:&q;http://www.microcapguru.com&q;,&q;displayUrl&q;:&q;microcapguru.com&q;,&q;verified&q;:false},&q;inactive&q;:true,&q;primaryChannel&q;:{&q;id&q;:&q;channel_2&q;,&q;channelId&q;:&q;channel_2&q;,&q;channelName&q;:&q;Investing&q;,&q;url&q;:&q;/investing&q;,&q;shortName&q;:&q;Investing&q;},&q;division&q;:&q;FC&q;,&q;allowEmail&q;:false,&q;avatar_map&q;:{}},{&q;naturalId&q;:&q;blogAuthorId/blog/author/blog-5084&q;,&q;name&q;:&q;Jim Collins&q;,&q;avatars&q;:[{&q;size&q;:0,&q;image&q;:&q;&q;},{&q;size&q;:0,&q;image&q;:&q;&q;},{&q;size&q;:0,&q;image&q;:&q;&q;},{&q;size&q;:0,&q;image&q;:&q;&q;}],&q;url&q;:&q;http://www.forbes.com/sites/jimcollins/&q;,&q;profileUrl&q;:&q;http://blogs.forbes.com/jimcollins/profile/&q;,&q;twitterName&q;:&q;PortfolioGuru&q;,&q;authorType&q;:&q;individual&q;,&q;blog&q;:true,&q;timestamp&q;:1498675385571,&q;primaryBlogNaturalId&q;:&q;blogAuthorId/blog/author/blog-5084&q;,&q;primaryContributor&q;:&q;blogAuthorId/blog/author/1473665&q;,&q;primaryContributorData&q;:{&q;naturalId&q;:&q;blogAuthorId/blog/author/1473665&q;,&q;name&q;:&q;Jim Collins&q;,&q;avatars&q;:[{&q;size&q;:136,&q;image&q;:&q;http://blogs-images.forbes.com/greatspeculations/files/2015/12/Jim-Collins_avatar_1450389766-136x136.jpg&q;},{&q;size&q;:400,&q;image&q;:&q;http://blogs-images.forbes.com/greatspeculations/files/2015/12/Jim-Collins_avatar_1450389766-400x400.jpg&q;},{&q;size&q;:40,&q;image&q;:&q;http://blogs-images.forbes.com/greatspeculations/files/2015/12/Jim-Collins_avatar_1450389766-40x40.jpg&q;},{&q;size&q;:62,&q;image&q;:&q;http://blogs-images.forbes.com/greatspeculations/files/2015/12/Jim-Collins_avatar_1450389766-62x62.jpg&q;}],&q;blog&q;:false,&q;shortBio&q;:&q;The Portfolio Guru&q;,&q;description&q;:&q;I have researched stocks for 22 years, starting fresh out of college at Lehman Brothers and then moving to Donaldson, Lufkin and Jenrette. At DLJ I was a Senior Analyst following US auto parts companies before relocating to London to originate DLJ&s;s European Automotive coverage and then moving to UBS. I had a decade of sell-side experience, attaining the CFA designation. After years of growing my own portfolio, I founded Portfolio Guru LLC three years ago. I construct portfolios for my clients on a fee-only, separately-managed basis and write about small stocks in my newsletter, MicroCap Guru. My work is also featured on Real Money, the premium portal of TheStreet.com.  The Sanskrit root of \&q;Guru\&q; combines \&q;dispel\&q; and \&q;darkness.\&q; I invest solely for individuals, and for them I try to dispel the darkness that emanates from Wall Street. My friends enjoy poking fun at my nom de stock, and when I am not Guru-ing, I enjoy spending time with them, outdoor activities, and sampling NYC. I can be reached at jim@portfoliogurupost.com.com&q;,&q;allowEmail&q;:false},&q;shortUri&q;:&q;http://bit.ly/2tlNEsc&q;,&q;displayChannel&q;:&q;investing&q;,&q;contributorSince&q;:1498675260000,&q;slug&q;:&q;jimcollins&q;,&q;showNoVestPocket&q;:false,&q;embargo&q;:false,&q;primaryChannelId&q;:&q;channel_2&q;,&q;enableContribContact&q;:false,&q;enableTwitterFeed&q;:false,&q;disableCanonical&q;:false,&q;disableDigest&q;:false,&q;forbesTwitterProfile&q;:{&q;screenName&q;:&q;PortfolioGuru&q;,&q;name&q;:&q;The Portfolio Guru&q;,&q;profileImageUrl&q;:&q;http://pbs.twimg.com/profile_images/634748182602223617/-ogo8qKp.jpg&q;,&q;description&q;:&q;&q;,&q;createdDate&q;:1317344377000,&q;location&q;:&q;New York&q;,&q;url&q;:&q;https://t.co/l40JssuFL2&q;,&q;expandedUrl&q;:&q;http://www.microcapguru.com&q;,&q;displayUrl&q;:&q;microcapguru.com&q;,&q;verified&q;:false},&q;inactive&q;:false,&q;primaryChannel&q;:{&q;id&q;:&q;channel_2&q;,&q;channelId&q;:&q;channel_2&q;,&q;channelName&q;:&q;Investing&q;,&q;url&q;:&q;/investing&q;,&q;shortName&q;:&q;Investing&q;},&q;allowEmail&q;:false,&q;avatar_map&q;:{}}],&q;channelSection&q;:[{&q;channelId&q;:&q;channel_1&q;},{&q;channelId&q;:&q;channel_1&q;,&q;sectionId&q;:&q;section_2&q;},{&q;channelId&q;:&q;channel_2&q;}],&q;slug&q;:&q;Jim Collins&q;,&q;blogType&q;:&q;individual&q;,&q;sitePage&q;:&q;forbes.com/investing/blogs/jimcollins/index.html&q;,&q;displayChannel&q;:&q;investing&q;,&q;vestPocketList&q;:[{&q;type&q;:&q;slide&q;,&q;uri&q;:&q;https://www.forbes.com/pictures/mlj45jggj/1-detroit/&q;,&q;image&q;:&q;http://specials-images.forbesimg.com/imageserve/026M72T8ElbzS/&q;,&q;title&q;:&q;The 10 Most Dangerous U.S. Cities&q;,&q;naturalId&q;:&q;blogAndSlideId/blog/slide/986-6336&q;,&q;count&q;:40371,&q;reason&q;:&q;MP-G&q;},{&q;type&q;:&q;blog&q;,&q;uri&q;:&q;https://www.forbes.com/sites/lizryan/2018/02/11/ten-things-never-ever-to-say-in-a-salary-negotiation/&q;,&q;image&q;:&q;https://specials-images.forbesimg.com/dam/imageserve/1018234192/960x0.jpg?fit=scale&q;,&q;title&q;:&q;Ten Things Never, Ever To Say In A Salary Negotiation&q;,&q;naturalId&q;:&q;blogAndPostId/blog/post/2989-32868&q;,&q;count&q;:182367,&q;reason&q;:&q;PV-D&q;}],&q;generatedId&q;:&q;idlh45ehd&q;,&q;manualDescription&q;:&q;America&s;s lack of a coherent energy policy for four decades is being exposed in Harvey&s;s aftermath.&q;,&q;primaryChannelId&q;:&q;channel_2&q;,&q;vestPocketPosition&q;:6,&q;siteSlug&q;:&q;jimcollins&q;,&q;preview&q;:false,&q;showComments&q;:true,&q;syndication&q;:{&q;yahoo&q;:{&q;sentFlag&q;:true}},&q;tickers&q;:[&q;NYSE:CVX&q;,&q;NYSE:XOM&q;,&q;NYSE:COP&q;],&q;timestamp&q;:1504201867737,&q;statsEntities&q;:[{&q;id&q;:null,&q;name&q;:&q;Business_Finance&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Chemistry&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Petroleum&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Nature&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Distillation&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Oil refinery&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Port Arthur Refinery&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Petroleum industry&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;World oil market chronology from&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Western Canadian Select&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Mining Support Activities&q;,&q;type&q;:null,&q;relevance&q;:0.8},{&q;id&q;:null,&q;name&q;:&q;Digital Media Agencies&q;,&q;type&q;:null,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Investment Banking &a; 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S . Energy&q;,&q;type&q;:&q;Company&q;,&q;relevance&q;:0.8}],&q;showNoVestPocket&q;:false,&q;writtenByForbesStaff&q;:false,&q;templateType&q;:&q;standard&q;,&q;enableSigfile&q;:false,&q;primaryChannel&q;:{&q;id&q;:&q;channel_2&q;,&q;channelId&q;:&q;channel_2&q;,&q;channelName&q;:&q;Investing&q;,&q;url&q;:&q;/investing&q;,&q;shortName&q;:&q;Investing&q;},&q;pages&q;:[&q;&l;p&g;Someone once asked me at an energy conference &a;quot;what do you think of U.S. energy policy?&a;quot; &a;nbsp;My response was &a;quot;do we have one?&a;quot; &a;nbsp;Unfortunately, it takes a disaster of the scale of Hurricane Harvey to put that lack of governmental direction in the forefront of investors&s; minds. &a;nbsp;We&s;ve had a nice reversal on crude oil today, and I&s;m feeling good about my &a;quot;counter-Goldman&a;quot; positive call on exploration and production stocks &l;a href=\&q;https://www.forbes.com/sites/jimcollins/2017/08/30/take-the-other-side-of-the-goldman-trade-on-eps-in-harveys-aftermath/\&q; target=\&q;_self\&q;&g;in my column yesterday&l;/a&g;, especially my recommendation of Denbury Resources stock, which has jumped 12% in this morning&s;s trading. &a;nbsp;Taking the opposite trade versus an ill-timed Goldman research call is&a;nbsp;lucrative, but it is not the endgame for energy investing. &a;nbsp;At some point the structure of the energy markets needs to change, and that will determine the future winners among energy players, not just day-to-day trading stars.&l;/p&g; \n&l;div id=\&q;attachment_839866660\&q; class=\&q;wp-caption alignnone\&q;&g; \n &l;div class=\&q;article-body-image\&q;&g; \n  &l;img class=\&q;dam-image getty size-large wp-image-839866660\&q; src=\&q;https://specials-images.forbesimg.com/imageserve/839866660/960x0.jpg?fit=scale\&q; data-height=\&q;640\&q; data-width=\&q;960\&q; /&g; \n &l;/div&g; \n &l;div article-image-caption=\&q;\&q;&g; \n  &l;div class=\&q;caption-container\&q; ng-class=\&q;caption_state\&q;&g; \n   &l;fbs-accordion current=\&q;0\&q;&g; \n    &l;p class=\&q;wp-caption-text\&q;&g;ROCKPORT, TX - AUGUST 27: A member of the Texas Task Force 2 search and rescue team works through a destroyed apartment complex trying to find anyone that still may be in the apartment complex after Hurricane Harvey passed through on August 27, 2017 in Rockport, Texas. Harvey made landfall shortly after 11 p.m. Friday, just north of Port Aransas as a Category 4 storm and is being reported as the strongest hurricane to hit the United States since Wilma in 2005. Forecasts call for as much as 30 inches of rain to fall in the next few days. (Photo by Joe Raedle/Getty Images)&l;/p&g; \n   &l;/fbs-accordion&g; \n  &l;/div&g; \n &l;/div&g; \n&l;/div&g; \n&l;p&g;The energy news today has been dominated by Motiva&s;s decision to shut down production at its Port Arthur refinery, the nation&s;s largest. &a;nbsp;None of the articles I have read have mentioned the key figure, however. &a;nbsp;In total, the U.S. has 137 operable refineries in 2017. &a;nbsp;In 1982 that figure was 254. &a;nbsp;That is just a startling figure, and while refining capacity has increased during that 35-year period, the compound annual growth rate&a;nbsp;in U.S. refining capacity from 1982-2017 has been a minimal 0.35%.&l;/p&g; \n&l;p&g;Small splitter refineries have been built of late (5 in the past 3 years), but the last &l;em&g;&l;strong&g;major&l;/strong&g;&l;/em&g; refinery to open in the U.S. was according to the EIA:&l;/p&g; \n&l;p&g;&l;em&g;However, the newest refinery with significant downstream unit capacity is Marathon&s;s facility in Garyville, Louisiana. That facility came online in 1977 with an initial atmospheric distillation unit capacity of 200,000 b/cd and as of January 1, 2017 had a capacity of 543,000 b/cd.&l;/em&g;&l;/p&g; \n&l;p&g; \n &l;fbs-ad position=\&q;inread\&q; progressive=\&q;\&q;&g;&l;/fbs-ad&g;&l;/p&g; \n&l;p&g;Yes, it was in 1977. &a;nbsp;There are refineries and then there are &l;em&g;&l;strong&g;refineries&l;/strong&g;&l;/em&g;, and the 12 new small plants opened in the 40 years since Garyville have a combined capacity of barely half of Garyville&s;s.&l;/p&g; \n&l;p&g;It&s;s an astounding detail, and anyone who believes that a 40-year pause in any infrastructure sub-sector is not going to have lasting impacts is truly delusional. &a;nbsp;Also, the Gulf Coast is not a center of oil refining capacity merely because consumers in Texas like to drive big trucks. &a;nbsp;No, those facilities are on the Gulf, in part anyway, so they can receive oil from overseas. &a;nbsp;That oil tends to be &a;quot;heavy&a;quot; (more viscous; higher specific gravity) and &a;quot;sour&a;quot; (higher concentration of hydrogen sulfide) as opposed to the light, sweet crude that comes from fields in the Permian and the like.&l;/p&g; \n&l;div class=\&q;vestpocket\&q; vest-pocket=\&q;\&q;&g;&l;/div&g; \n&l;p&g;During the Carter Administration that might have made sense, but in 2017 technology that allows for economic recovery of tight oil has made it clear that the U.S. is sitting on much, much more recoverable crude oil than had ever been imagined. &a;nbsp;Yet we continue to import huge amounts of oil; 7.905 million barrels per day last week according to the EIA. &a;nbsp;In contrast the U.S. exported an average of 902 thousand barrels per day of crude oil last week.&l;/p&g; \n&l;p&g;So, that&s;s the next transformation that needs to occur. &a;nbsp;If some good can come out of the otherwise horrifyingly tragic events of Harvey and its aftermath, it will be a refocus of priorities toward energy infrastructure. &a;nbsp;As the country builds facilities dedicated to renewables like solar and wind--many of which are located in Texas, by the way--the government needs to enable carbon-based fuel infrastructure to bring end products more efficiently and profitably to the consumers that need it.&l;/p&g;&q;,&q;&l;p&g;President Trump and Energy Secretary Perry talk of energy dominance as the next step after energy independence. &a;nbsp;To be sure, enabling the Dakota Access pipeline and giving federal approval for Keystone XL (it still faces hurdles at the state level, especially in Nebraska) was a step in the right direction after the Obama Administration&s;s puzzling decisions against both projects. &a;nbsp; With a net negative oil trade balance of more than 7 million barrels per day, however, it is clear that the U.S. is still nowhere near energy independence, let alone dominance.&l;/p&g; \n&l;p&g;The exploration and production companies will always be &a;quot;my guys,&a;quot; as I have significant consulting relationships with E&a;amp;Ps and companies that service them. &a;nbsp;As today&s;s trading action proves, it&s;s also possible to make money investing in their stocks, although dexterity and limit orders are required. &a;nbsp;At the end of the day, though, those companies are too small to shift the balance of production and are price-takers in an industry that is dependent on much larger players.&l;/p&g; \n&l;p&g;Ultimately it is the companies that transport oil that can solve the infrastructure crisis by designing (and risking the capital) to build more efficient means of distributing hydrocarbon products. &a;nbsp;So I&s;ll discuss companies in the pipeline and shipping industry--which may be even more loathed by tech-crazy investors than the E&a;amp;Ps--in my next column for Forbes.&l;/p&g; 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