Record Oil Exports Shrink Trade Deficit as U.S. Fills Energy Gap

[brainstorm]

http://www.bloomberg.com/news/2013-02-08/trade-deficit-in-u-s-plunges-on-record-petroleum-exports.html

Record petroleum exports helped shrink the U.S. trade deficit to the smallest in two years as America moves closer to achieving energy self-sufficiency, a goal the nation has been pursuing since the 1973 Arab oil embargo.

The gap shrank 20.7 percent to $38.5 billion, lower than any estimate in a Bloomberg survey of 73 economists and the least since January 2010, Commerce Department figures showed today in Washington. The jump in fuel sales to overseas buyers, combined with purchases of the fewest barrels of imported crude in almost 16 years, led to the smallest petroleum deficit since August 2009.

[rpmGator]

Good for eveyone but those of us sitting at the pumps. The manipulation of fuel supply continues at home, while selling our home grown oil to others.

[G8trGr8t]

For the millionth time it is against the law to export domestically produced oil. Read it again and again until it sinks in. Some grades of us oil are.traded with Canada in exchange for other grades but the US continues to import millions of barrels.per day just to meet domestic.demand. Is that so hard to comprehend? Research it yourself but differentiate between cude oil and finished petroleum products.

What is being exported is finished petroleum products that can ne produced cheaper here due to low cost Canadian sour crude and low cost Nat gas being used to fuel refineries. Most of the exports are diesel. The willful ignorance demonstrated by some is astounding. Why don't you Google us crude oil imports and face the fact that we import millions of barrels of crude oil everyday just to meet our own demand and millions more to process into finished petroleum products which are then exported. That processing is akin to manufacturing and produces jobs and taxes for us citizens and coffers.

Gas prices are up because the dollar is being devalued and global demand is up while Saudi Arabia cut back on production.

Question: Should we outlaw the export of food to keep our food prices down? Why should crude oil exports be illegal if food exports are.not?

[malligator]

For the millionth time it is against the law to export domestically produced oil. Read it again and again until it sinks in. Some grades of us oil are.traded with Canada in exchange for other grades but the US continues to import millions of barrels.per day just to meet domestic.demand. Is that so hard to comprehend? Research it yourself but differentiate between cude oil and finished petroleum products.

What is being exported is finished petroleum products that can ne produced cheaper here due to low cost Canadian sour crude and low cost Nat gas being used to fuel refineries. Most of the exports are diesel. The willful ignorance demonstrated by some is astounding. Why don't you Google us crude oil imports and face the fact that we import millions of barrels of crude oil everyday just to meet our own demand and millions more to process into finished petroleum products which are then exported. That processing is akin to manufacturing and produces jobs and taxes for us citizens and coffers.

Gas prices are up because the dollar is being devalued and global demand is up while Saudi Arabia cut back on production.

Question: Should we outlaw the export of food to keep our food prices down? Why should crude oil exports be illegal if food exports are.not?

Because food is a renewable resource?

[G8trGr8t]

Iron ore, coal, gold, silver, or any other mined mineral? Much of the oil and gas belongs to private individuals and their opportunity to market their product at fair market value is negated by the gubmnt. Should foreigners be allowed to buy domestic real estate? That drives the price of housing up.

[G8trGr8t]

NEW YORK | Fri Feb 8, 2013 10:50pm IST

NEW YORK (Reuters)
Brent crude oil futures rose to a nine-month high close to $119 a barrel on Friday after the release of strong Chinese economic and oil import data, and Brent's premium over U.S. crude oil increased.

Chinese crude oil imports rose to the third highest daily rate on record, and overall exports and imports were much stronger than expected, accelerating signs of a rebound in the world's second biggest oil consumer.

Goldman Sachs, one of the most influential banks in commodity markets, said Brent's rally this year is "less driven by supply shocks and instead by improving demand."

"Global oil demand has surprised to the upside in recent months, consistent with the pick-up in economic activity," the bank's analysts said in a research note, which advised clients to maintain a long position in the S&P GSCI Brent Crude Total Return Index.

Brent rose as high as $118.92, the highest since May, and at 11:02 a.m. EST (1602 GMT) was up $1.56 to $118.80, on course for a fourth consecutive week of gains.

U.S. crude added 38 cents to $96.21. Brent's premium over U.S. crude rose to $22.59, extending its recent rise to the highest since December.


http://in.reuters.com/article/2013/02/08/markets-oil-idINDEE9170CN20130208

US oil settled at Cushing Oklahoma (WTI price) costs appx $22 per barrel less than oil sold elsewhere across the world or imported into the US from offshore. The oil and gas revolution in this country (on private onshore land) has given the US some of the lowest energy prices in the world and yet so many, including that poser in the WH, want to villify the industry. He has been handed a golden goose and all he wants to do is try and choke the life out of it.