Tuesday, December 27, 2011

I posted my opinion a couple of years ago...

We are awash in oil. Trillions of barrels are under the shale rock deposits in Pennsylvania, Ohio, and W. Virginia.

We just can't drill for it!

But not to worry, the economy will start booming to save Oba mama and we still wont be able to drill for it unless the Repubs control Congress.

And all the politicians will have to fight  about some thing else because there will be no budget cuts just slower increase in the budget as the economy growing precludes the necessity of "draconian cuts" in hand outs.

Econbrowser: U.S. net exports of petroleum products
U.S. net exports of petroleum products

One big story of 2011 was the United States switched from being a net importer to a net exporter of petroleum products. Here are the details behind that development.

The graph below plots the difference between U.S. exports and imports of petroleum products. On average in 2008, we had been importing about 1.8 million barrels per day more than we exported. So far in the second half of 2011, the difference has swung to an average positive net export balance of 0.4 million barrels per day. The exports are coming in the form of diesel and gasoline that is being sold all over the world, with the top 10 buyers in terms of growth of demand for U.S. products being Mexico, Netherlands, Chile, Canada, Spain, Brazil, Guatemala, Turkey, Argentina, and France.

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