Monday, January 23, 2012

U.S. is Now a Net Exporter of Oil


Bloomberg reports that the U.S. now exports more oil products than it imports.  During 2011, America’s exports of gasoline, diesel fuel, and other products exceeded imports of those products by an average of 439,000 barrels each day.  The last time America was a net exporter of oil was in 1949, and 2011 marks the first year in which crude oil output rose above 2 billion barrels.  In its analysis of the oil sector, Citigroup Inc. proclaims North America as “the new Middle East” with regards to energy production this decade. Citigroup points to increased oil production in Canada and Mexico as the basis for this claim, and they additionally believe this jump in production will be sustainable in the coming years.   

1 comment:

  1. You people really need to learn the difference between crude oil and refined oil products. The U.S. is __NOT__ a net exporter of oil (and hasn't been since 1949). In fact it still relies on imports for about 11 million of the 18 million barrels of crude it consumes each day.
    The U.S. is, however, a net exporter of refined petroleum products (gasoline, diesel, etc.).

    http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTPEXUS2&f=A

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