WASHINGTON (Reuters) - While the U.S. oil industry want access to more federal lands to help reduce reliance on foreign suppliers, American-based companies are shipping record amounts of gasoline and diesel fuel to other countries.
A record 1.6 million barrels a day in U.S. refined petroleum products were exported during the first four months of this year, up 33 percent from 1.2 million barrels a day over the same period in 2007. Shipments this February topped 1.8 million barrels a day for the first time during any month, according to final numbers from the Energy Department.
The surge in exports appears to contradict the pleas from the U.S. oil industry and the Bush administration for Congress to open more offshore waters and Alaska's Arctic National Wildlife Refuge to drilling.
Look folks, the bottom line is that the oil companies sell to whoever will pay the most. Right now, the demand for selected distillates is so high globally, that it's more profitable to EXPORT some of the fuels distilled here in the USA from American crude to Europe and Asia. Guess what will happen to all that oil from Alaska and offshore from New Jersey and Miami? Yep, it'll enter the global market, not be confined to US needs.
So while Larry Kudlow cheers "Drill Drill Drill!" on CNBC, remember his only real patriotism is to the land of the Corporations, having nothing to do with the welfare of the American people.
