http://online.wsj.com/article/APf917509ee61344a38638e2c08bc47090.html NEW YORK — For the first time, the top export of the United States, the world's biggest gas guzzler, is — wait for it — fuel. Measured in dollars, the nation is on pace this year to ship more gasoline, diesel, and jet fuel than any other single export, according to U.S. Census data going back to 1990. It will also be the first year in more than 60 that America has been a net exporter of these fuels...
....let's see if the trend continues, may not. WSJ fails to mention Libya may be the whole explanation. The conflict severely impacted European gasoline exports. The conflict probably also explains why US gaso prices spiked this year (due to loss of EU gaso supplies). At this moment (Happy 2012, PC'ers arty, we have an unexpected anomoly, crude oil prices going up up, but gasoline prices going down down. This is explained by Libyan crude supplies coming back to Europe and getting back to "normal".
The US is drilling a great deal, but this exported fuel comes from from imported oil. Its still a good thing as it means that refining capacity is not as limited as it was in the past. It would be better if the US used less fuel. The europeans stupidly have decided to not build refining capacity for lower quality crude, so when the easy to refine oil gets short, they have to import more refined fuel. A happy and more fuel efficient year to you too:rockon: .
A lot of this exported fuel is jet fuel, both for commercial air travel, but also for military. Icarus
That's a good trade. The US also used some european capacity after the huricanes. I was refering to the lack of european capacity to refine saudi oil after libya got cut off. There is a lot more of the heavy sour crude available.
With carbon fuel being an international product, wouldn't it make economic sense for the asian markets to get their fix from alaska, rather than drag it all away around the cape? .
This has actually been the biggest counter-argument against North Slope drill baby drill euphoria. Alaskan oil export goes to Japan and does not come to CONUS. With respect to OP export of refined fuel makes perfect sense: with all those tankers bringing crude shipping out would be a bargain.
nearly all profitable companies have one common characteristic and that is percentage of profits reinvested into R&D. Google, Microsoft, Intel, etc. 10-20% back to inventing a product that will continue to rake in the profits. its a tough dollar to justify. as far as future oil expenses, what are oil companies doing to insure future energy options? well, best i can say is "HOLD YOUR BREATH!" because the last thing you will want to do is inhale the resulting air deeply a 4 Billion investment into renewable technology across the multi trillion $$ oil industry is probably less than a fraction of one %. http://switchboard.nrdc.org/blogs/s...ironmental+Experts)&utm_content=Google+Reader
if that 4 Billion includes Chevron's Ovonics purchase, they'd better not invest at all! http://ev1.org/chevron.htm [ame=http://en.wikipedia.org/wiki/Energy_Conversion_Devices]Energy Conversion Devices - Wikipedia, the free encyclopedia[/ame]
