Wednesday, November 30, 2011

Oil Drilling News


U.S. Nears Milestone: Net Fuel Exporter

Yes, you read that headline right.
"According to data released by the U.S. Energy Information Administration on Tuesday, the U.S. sent abroad 753.4 million barrels of everything from gasoline to jet fuel in the first nine months of this year, while it imported 689.4 million barrels. [...] So long as the U.S. remains the world's biggest net importer of crude oil, currently taking in nine million barrels per day, it isn't likely to become energy independent anytime soon. Yet its growing presence as an overall exporter of fuels made from crude gives it greater influence in the global energy market. [...] But U.S. drivers aren't seeing much benefit in the form of lower prices because refineries on the Gulf Coast are shipping much of their output to places where demand is strong, keeping prices high."