Monday, December 5, 2011

Gasoline: Too much, too little... Who's kidding who?

Source CNN News
Gasoline: The Next Big U.S. Export
NEW YORK (CNNMoney) -- The United States is awash in gasoline. So much so, in fact, that the country is exporting a record amount of it.
The country exported 430,000 more barrels of gasoline a day than it imported in September, according to the U.S. Energy Information Administration. That is about twice the amount at the start of the year, and experts and industry insiders say the trend is here to stay.
The United States began exporting gas in late 2008.* For decades prior, starting in 1960, the country used all the gas it produced here plus had to import gas from places in Europe.
But demand for gas has dropped nearly 10% in recent years. It went from a peak of 9.6 million barrels a day in 2007 to 8.8 million barrels today, according to the EIA. ...  Story continues here

* Is there a conflict here?  Late in 2008 (September) we read reports of gasoline shortages as indicated by the chart below:


Findalis said...

With gas prices over $3.50 a gallon, what the heck are we doing exporting gas when it is so high at home?

Another great idea by the Idiot-in-Chief?

Storm'n Norm'n said...

The correlation is like the money supply...we have no money but keep giving it away...
Supposedly we have a gasoline shortage and we give it away (export)...the only problem is that we can print more money but cannot print more gasoline.