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 »