President Obama may love America, but it would be nice if he also loved a few energy executives who could warn him that a serious public-policy glitch is about to blow up on his watch.

Oil is overflowing U.S. storage facilities partly because of the 40-year-old export ban. The wave of bankruptcies and layoffs that many have predicted for the U.S. energy sector may finally be coming, but less because of the distressed price of oil than because producers will have to stop producing if they have nowhere to send their output.

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