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In Reply to: Why wouldn't resulting gasoline be exported overseas where prices are much higher... posted by Steve O on April 15, 2014 at 06:31:31:
About 365.65 million gallons (or 8.71 million barrels) on a daily average.
However, due to the vehicles gas mileage efficiency in the last 6 years offset this demand as the overall gasoline consumption has been reduced to about 6% less than the record high of about 142.35 billion gallons (or 3.39 billion barrels) consumed in 2007.
The U.S. exports very little crude oil (0.4% of gross supply in 2012,). Additional crude supplies via Keystone pipeline (domestic or from Canada) would serve to reduce imports from other nations and/or offset declining supplies from Mexico and Venezuela.
Also, another thing to note if the U.S. producers wants to export more crude oil overseas they need to receive a license from the Commerce Department before crude can be exported, and these licenses are not typically issued.
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Follow Ups
- The U.S. will consume most of it... - kootenay 09:13:15 04/15/14 (4)
- I was talking about refined gasoline, not crude... - Steve O 09:54:18 04/15/14 (3)
- U.S. gasoline exports is not going to make a dent.. - kootenay 10:22:47 04/15/14 (2)
- A couple of recent WSJ articles state otherwise... - Steve O 11:31:40 04/15/14 (1)
- Thanks for pointing that out... - kootenay 12:08:08 04/15/14 (0)
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