There have been all kinds of explanations about why our gas prices continue to rise. A number of bloggers here have reminded us that oil is a world commodity and the world market sets the prices…often times unfairly and at the whim of speculators. And of course the Keystone XL pipeline would solve all of our gas price woes if we’d only build it…well the fact is gasoline and aviation fuel have been the biggest export for the US for sometime. But even as gas prices have risen, the US exported more petroleum products than we imported in 2011. Maybe the suggestion that the US join OPEC isn’t so far fetched after all.
But don’t take my word for it, just ask the US Energy Information Administration!
The United States in 2011 exported more petroleum products, on an annual basis, than it imported for the first time since 1949, but American refiners still imported large, although declining, amounts of crude oil, according to full-year trade data from EIA’s Petroleum Supply Monthly February report. The increase in foreign purchases of distillate fuel contributed the most to the United States becoming a net exporter of petroleum products.
So please remember, when you fill up your tank next time that you are competing with the whole world for your gasoline! And wonder why the US House refused to include an amendment on the current Keystone XL Pipeline bill that would keep the resulting petroleum products IN the USA.