ANALYSIS-US oil firms seek drilling access, but exports soar

A record 1.6 million barrels a day in U.S. refined petroleum products were exported during the first four months of this year, up 33 percent from 1.2 million barrels a day over the same period in 2007. Shipments this February topped 1.8 million barrels a day for the first time during any month, according to final numbers from the Energy Department.

"The fact is that the (United States) participates in global markets for both crude and refined products, and there are any number of variables that impact supply and prices in those markets," said Bill Holbrook, spokesman for the National Petrochemicals and Refiners Association.

The White House said it was against requiring U.S. oil products to stay at home.

"Forbidding exports of U.S. petroleum reduces the incentive for domestic suppliers to produce, and could potentially lead to higher prices if U.S. production or refining declined," said White House spokesman Scott Stanzel.

The biggest share of U.S. oil products exported went to Mexico, Canada, Chile, Singapore and Brazil.

http://uk.reuters.com/article/idUKN0325640920080703?pageNumber=2&virtual...

No votes yet

Just telling us what we already knew---that any newly drilled oil would be sold on the open market, and it wouldn't affect prices since it would be such a small amount compared to world supply, and that the Republicans in Congress are nothing but liars.

Pink Slip

cannot be used in U.S

As per the article; it didn’t all contain sulfur, but it's doesn't matter. The oil companies can refine the gas with or without the sulfur. They chose to refine gasoline for the Mexican and Canadian markets. They could have just as easily done it for our markets.

Let's be clear...this article just is another reinforcement of the fact that gas prices are not the result of supply and demand. There is plenty of supply in the US. The fact that we export 1.6 million barrels of refined gas and diesel per day is a testimony to that.

Off shore drilling is a scam by Big Oil and Republicans to lock up resources in the hands of global corporations.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.