Article

2011-12-01 Economy

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Posted by g(r)omgoru 2011-12-01 03:55|| || Front Page|| [4 views ] Top

#1 The article is deceptive. There is a difference between being a net exporter of petroleum products and a net exporter of generic petroleum.
From The Atlantic:
We're still importing 8 million barrels of crude oil per day!

What the numbers mean is that we have more refining capacity than we need to supply our domestic needs. So, we import the crude oil, refine it, use almost all of it, and sell a percentage of it to the rest of the world. The biggest surpluses are in "unfinished oils" and "motor gasoline blending components." Mexico's rising petroleum product use is a big part of the story, as you can see in the by-country net import numbers.

So, the Journal's story is good news, in a general sense, but let's not make it bigger than it is. We're still buying massive amounts of crude oil from other countries.

Posted by Anguper Hupomosing9418 2011-12-01 04:32|| 2011-12-01 04:32|| Front Page Top

#2 What the numbers mean is that we have more refining capacity than we need to supply our domestic needs.

The market doesn't reflect that when a plant goes off line for maintenance or because of an accident, there's a spike at the pump that is excused for exactly that - processing capacity is down. Someone is fibbing.

Posted by Procopius2k 2011-12-01 08:47|| 2011-12-01 08:47|| Front Page Top

#3 I would suspect that "refining capacity" covers a lot more than just the production of gasoline.

Posted by Pappy 2011-12-01 11:17|| 2011-12-01 11:17|| Front Page Top

#4 Agreed, P2K. And if we have all the refining capacity we need, why do we need to run a pipeline from North Dakota/Canada to Texas refineries?

Posted by Lumpy Elmoluck5091 2011-12-01 11:17|| 2011-12-01 11:17|| Front Page Top

#5 "why do we need to run a pipeline from North Dakota/Canada to Texas refineries?"

Maybe so we can buy oil from nice friendly Canadians rather than middle eastern/pizza faced dictator types. Instead, it looks like the Canadians WILL build another pipeline to Vancouver for further transport to China. Leaving us still stuck with needing blood oil from Arabs etc.
Joy.

Posted by Slomolet Whiper9894 2011-12-01 12:02|| 2011-12-01 12:02|| Front Page Top

#6 Agreed, P2K. And if we have all the refining capacity we need, why do we need to run a pipeline from North Dakota/Canada to Texas refineries?

Because that's where the refineries _are_.

Posted by Thing From Snowy Mountain 2011-12-01 12:13|| 2011-12-01 12:13|| Front Page Top

#7 Now, now, Snowy. ;-)

Posted by lotp 2011-12-01 14:11|| 2011-12-01 14:11|| Front Page Top

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