US is now a net oil products exporter, first time since 1949?
What does this new info do to the peak oil theory? Chris, care to digest n comment pls? Thanks.
Nothing. If you read the article, this is largely due to lack of US demand. This trend will continue unless we somehow pull a rabbit out of the hat and eliminate our debt.
Bottom line – the US has met peak production in the 70’s and that has not changed and likely will not unless there are two rabbits in that hat.
What’s the point in the US importing oil, turning it into gasoline, and then exporting it? Somebody makes money out of it, but it solves not one iota…
It makes perfect sense. Since the 70’s the US has been in a production decline – with that decline, refinery capacity has followed suit and have been de-commissioned. There have been no refineries built or signifigantly expanded since. Now with the latest boom in shale product, the petro refinery capacity has remained limited and the oil has to go somewhere.
I think it has more to do with the excess crude. Per bbl, only a certain percentage is refined for petro. Although petro takes the largest single percentage…the remaining is distributed for use in other products, distillate, kerosene, etc… So it makes sense that since the US is the largest guzzeler or petro, there would be a huge amount of bi-product left to export.
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