U.S. Nears Milestone: Net Fuel Exporter

[Dover]

U.S. exports of gasoline, diesel and other oil-based fuels are soaring, putting the nation on track to be a net exporter of petroleum products in 2011 for the first time in 62 years.

A combination of booming demand from emerging markets and faltering domestic activity means the U.S. is exporting more fuel than it imports, upending the historical norm.

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.

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http://online.wsj.com/article/SB10001424052970203441704577068670488306242.html?mod=WSJ_article_forsub



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Anyone else surprised to hear this?

[Kolesar]

1. Import Mexican oil, refine it and then sell it back to Mexico as motor fuel

That is what I expect this means.
I doubt that were are a net exporter of fuels and crude oil.

[Dover]

2. This Huffington article tell a bit more >>>

It's from earlier this year:


While some Americans cut back on driving as gas prices soar, the U.S. has become a net exporter of fuel for the first time in nearly 20 years.

According to data from the Energy Department, starting last November -- with the exception of the month of January -- the U.S. began exporting more petroleum products than it imported.

In February, the U.S. exported 54,000 more barrels of petroleum products each day than it purchased abroad, with diesel and finished petrol leading the increase. According to the American Petroleum Institute, an industry group, U.S. refined product exports rose in the first quarter of 2011 to 2.49 million barrels per day, a 24.4 percent year-over-year increase, the Financial Times reports.

In the first quarter of 2011, imports dropped to 2.26 million barrels a day, a 14.4 percent year-over-year decline, according to the FT.

Analysts attribute the increase in exports to a combination of overlapping factors: unrest in the Middle East leading to higher oil prices, a weak U.S. dollar and increased spending power abroad, particularly in Latin America...cont'd

http://www.huffingtonpost.com/2011/05/03/us-becomes-net-exporter-o_n_857085.html