U.S. Becomes Net Exporter Of Fuel For First Time In Nearly 20 Years

[Donnachaidh]

http://www.huffingtonpost.com/2011/05/03/us-becomes-net-exporter-o_n_857085.html

While some Americans cut back on driving as gas prices soar, the U.S. has become a net exporter of fuel for the first time in nearly 20 years.

According to data from the Energy Department, starting last November -- with the exception of the month of January -- the U.S. began exporting more petroleum products than it imported.

In February, the U.S. exported 54,000 more barrels of petroleum products each day than it purchased abroad, with diesel and finished petrol leading the increase. According to the American Petroleum Institute, an industry group, U.S. refined product exports rose in the first quarter of 2011 to 2.49 million barrels per day, a 24.4 percent year-over-year increase, the Financial Times reports.

In the first quarter of 2011, imports dropped to 2.26 million barrels a day, a 14.4 percent year-over-year decline, according to the FT.

More at the link --

[Scuba]

1. So if we drill more, do we export more and watch our prices go EVEN HIGHER?

[DirkGently]

3. Kinda deflates the whole suppose pd logic of Drill Baby Drill, eh?

[Hubert Flottz]

2. K&R

The working people in America are under attack 24/7...

[DCBob]

4. That amazing. I had no idea.

I assumed we were importing vast amounts of oil.

[Donnachaidh]

5. that's what I thought as well

surprised the crap out of me too.

[jberryhill]

8. ...because you are misinterpreting the article...

"Fuel" doesn't come out of the ground. Petroleum does.

Refineries produce "petroleum products" and "fuel".

This is like observing that my state grows no wheat, but has a lot of bakeries.

[Javaman]

9. Great analogy!

Cheers! :)

[lazarus]

6. I think we still are

note that the article says we're exporting "petroleum products". It's possible we're importing raw petroleum, processing it, and exporting that.

[jberryhill]

7. We are and we do

Gasoline and diesel fuel don't come out of the ground.

Notice that the article refers to "fuel" and "petroleum products". Those are things you get AFTER you run crude oil through a refinery.

The article seems pretty much written to be misinterpreted.

We are a net importer of crude oil - i.e. the stuff that comes out of the ground.

[DCBob]

11. Yes, that makes sense.

Thanks for the clarification.

[Bonobo]

10. Probably due to the fact that the dollar is worth less than wadded up newspaper. nt