Kevin Hall, of McClatchy, writes:

“U.S. demand for oil and refined products - including gasoline - is down sharply from last year, so much that United States has actually become a net exporter of gasoline, unable to consume all that it makes.”

So far so good.

“Exports of U.S. refined product averaged 2.928 million barrels per day over the four weeks ending on Feb. 10, compared to 2.190 million barrels per day for the four weeks ending Feb. 11, 2011, the EIA said. This category is primarily gasoline, but it includes unfinished oils, fuel additives, ethanol and other blending components.”

Um.  No.  This category is not primarily gasoline.  Using the EIA data this is what we see:

Then we get the export fear mongering:

“The export picture suggests that when domesti... more »

Earlier this month we posted on the way a well-intended measure to foster transparency in U.S. oil and natural gas companies’ dealings with foreign governments could put American firms at a competitive disadvantage in the global marketplace. Key points:

• Reporting rules requiring public disclosure of detailed information submitted to foreign governments by U.S. companies, potentially pertaining to every single well drilled abroad, could hand proprietary material to global competitors.
• Disclosure requirements would apply only to companies listed with the U.S. Securities Exchange Commission (SEC), exempting a number of the biggest international oil and natural gas companies – including foreign state-owned entities that control 78 percent of the world’s proven reserves.

William O... more »

In his State of the Union message last month, President Obama staked out the administration’s position on trade, citing new deals with a number of countries around the world and the quest for new trade opportunities:

“We’re also making it easier for American businesses to sell products all over the world. Two years ago, I set a goal of doubling U.S. exports over five years. With the bipartisan trade agreements we signed into law, we’re on track to meet that goal ahead of schedule. And soon, there will be millions of new customers for American goods in Panama, Colombia, and South Korea.  … I will go anywhere in the world to open new markets for American products.”

Some in Congress apparently didn’t get the memo about new markets for American products. There’s an effort afoot to re... more »

The president’s State of the Union address last month had lots of good stuff in it about domestic oil and natural gas production. Unfortunately, the president’s actions are speaking louder than his words.

His just-released 2013 budget includes proposals to increase taxes on oil and gas companies – more than $86 billion over 10 years – that would take the country in the wrong direction on energy. Research shows higher energy taxes would discourage production, lead to fewer well-paying American jobs and increase our reliance on imports.

Today, let’s take a look at one of his tax-hike proposals – repealing the Section 199 manufacturer’s deduction only for oil and natural gas companies. Benefit to Washington: $11.6 billion over 10 years.

Here’s what the president said back on Jan. 24:

From the president’s remarks during Monday’s rollout of his 2013 budget:

“The last thing we need is for Washington to stand in the way of America's comeback.”

The president is 100 percent right – and he can put his words into action by dropping his politically motivated obstruction of the Keystone XL pipeline.

The Keystone XL is the largest shovel-ready infrastructure project available to help spur the economic revival everyone wants. The $7 billion, privately financed pipeline would create 20,000 U.S. jobs during its construction phase and up to 500,000 U.S. jobs by 2035 as a big part of a comprehensive strategy to fully utilize Canada’s oil sands resources. Energy to run our economy and jobs. But we need Washington to get out of the way.

President Obama:

“We need to …... more »