America set to become a net exporter of petroleum fuel products

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For the first time in more than 62 years, the United States will export more petroleum fuel products than it imports into the country.

While the United States still imports 8 to 9 million barrels of crude oil a day, declining domestic demand and rising needs around the world have enabled the United States to to export a greater amount of jet fuel, gasoline and other products.

...

"That the U.S. is shipping out more fuel than it brings in is significant because the nation has for decades been a voracious energy consumer. It took in huge quantities of not only crude oil from the Middle East but also refined fuels from Europe, Latin America and elsewhere to help run its factories and cars," the Journal wrote.

The last year the United States exported more than it imported was in 1949.

What remains to be seen is whether a recovering U.S. economy continues to use less oil and whether growing developing economies maintain strong demands. According to the Journal, if that's the case, the United States could be a net exported for the next decade.

Tom Kloza, chief oil analyst at Oil Price Information Service, said the extreme growth in South America and its appetite for diesel and gasoline is a major source of demand for American refined products.

...

Kloza said, in the long-term, being a petroleum exporter makes sense for our country, both economically and as a matter of national security.

"We have world-class refineries. We can keep the jobs here by exporting some of the products to South America. It's like we're exporting products to North Korea," he said. "It's a sea change. It's something that hasn't happened since after World War II. It's a balance that's going to grow."

http://www.pri.org/stories/business/global-development/america-set-to-become-a-net-exporter-of-petroleum-fuel-products-7243.html

[Bad_Daddy 2,209]

For the first time in more than 62 years, the United States will export more petroleum fuel products than it imports into the country.

While the United States still imports 8 to 9 million barrels of crude oil a day, declining domestic demand and rising needs around the world have enabled the United States to to export a greater amount of jet fuel, gasoline and other products.

...

"That the U.S. is shipping out more fuel than it brings in is significant because the nation has for decades been a voracious energy consumer. It took in huge quantities of not only crude oil from the Middle East but also refined fuels from Europe, Latin America and elsewhere to help run its factories and cars," the Journal wrote.

The last year the United States exported more than it imported was in 1949.

What remains to be seen is whether a recovering U.S. economy continues to use less oil and whether growing developing economies maintain strong demands. According to the Journal, if that's the case, the United States could be a net exported for the next decade.

Tom Kloza, chief oil analyst at Oil Price Information Service, said the extreme growth in South America and its appetite for diesel and gasoline is a major source of demand for American refined products.

...

Kloza said, in the long-term, being a petroleum exporter makes sense for our country, both economically and as a matter of national security.

"We have world-class refineries. We can keep the jobs here by exporting some of the products to South America. It's like we're exporting products to North Korea," he said. "It's a sea change. It's something that hasn't happened since after World War II. It's a balance that's going to grow."

http://www.pri.org/stories/business/global-development/america-set-to-become-a-net-exporter-of-petroleum-fuel-products-7243.html

Now tell me if the price of fuel has went down significantly at the pumps in Jersey. If anything, it's went up here. Explain that one.

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Now tell me if the price of fuel has went down significantly at the pumps in Jersey. If anything, it's went up here. Explain that one.

I paid 3.03 for regular this morning. I remember paying a lot more and a lot less in the not-distant-past.

[Bad_Daddy 2,209]

I paid 3.03 for regular this morning. I remember paying a lot more and a lot less in the not-distant-past.

By law the US isn't suppose to export any oil that's of high enough grade to make gasoline. Crappy grade crude for plastics, etc.. is what gets exported. That's how it should be imo and as far as I know it's still whats happening. But they cap off more oil wells up here than they pump. Also I remember when oil tankers where holding off on the coast of Mexico waiting for the price of crude to go back up before they came into shore and offloaded. That was back in '07. The oil companies could have dropped the price of gas a long time ago but then their profits would drop. Its' not a supply and demand thing like it should be. It's whatever the oil companies decide to set the price at whether they be loaded up with oil or not. Their making a killing.

Edited December 5, 2011 by Why_Me

[Obama 2012 1,714]

By law the US isn't suppose to export any oil that's of high enough grade to make gasoline. Crappy grade crude for plastics, etc.. is what gets exported. That's how it should be imo and as far as I know it's still whats happening. But they cap off more oil wells up here than they pump. Also I remember when oil tankers where holding off on the coast of Mexico waiting for the price of crude to go back up before they came into shore and offloaded. That was back in '07. The oil companies could have dropped the price of gas a long time ago but then their profits would drop. Its' not a supply and demand thing like it should be. It's whatever the oil companies decide to set the price at whether they be loaded up with oil or not. Their making a killing.

if WTI and Brent Crude weren't abused by commodities investors then this wouldn't be an issue either. Of course the fact that every day items are traded by dollars and not goods is absurd on its face as well. Investing in a company is one thing, investing on a natural product is something completely different.

[OnMyWayID 1,489]

By law the US isn't suppose to export any oil that's of high enough grade to make gasoline. Crappy grade crude for plastics, etc.. is what gets exported. That's how it should be imo and as far as I know it's still whats happening. But they cap off more oil wells up here than they pump. Also I remember when oil tankers where holding off on the coast of Mexico waiting for the price of crude to go back up before they came into shore and offloaded. That was back in '07. The oil companies could have dropped the price of gas a long time ago but then their profits would drop. Its' not a supply and demand thing like it should be. It's whatever the oil companies decide to set the price at whether they be loaded up with oil or not. Their making a killing.

you misunderstand.. we are exporting more gasoline from oil that is imported.. in September on average the U.S. refined 430,000 barrels of *gasoline* per day more than it consumed. Demand for gasoline in the US has dropped mostly because of more fuel efficient cars (down by about 11%) while the ability to refine oil has increased.

The 62 year quote is a bit out of context - starting next year it is expected the US will become a next exporter of all things refined, not just gasoline.. which will be the first time in 62 years that has happened.

Money Magazine has a more detailed article than the one at the start of this thread.

[Ban Hammer 13,508]

I paid 3.03 for regular this morning. I remember paying a lot more and a lot less in the not-distant-past.

same here. seems like prices dropped about a quarter while i was gone to brazil.