We subsidize the oil companies and... [View all]

[SHRED]

...they export overseas.

And people still think it is "our" oil. If we could just "produce more".

It's a CON game.




In a first, gas and other fuels are top U.S. export

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There's at least one domestic downside to America's growing role as a fuel exporter. Experts say the trend helps explain why U.S. motorists are paying more for gasoline. The more fuel that's sent overseas, the less of a supply cushion there is at home.

Gasoline supplies are being exported to the highest bidder, says Tom Kloza, chief oil analyst at Oil Price Information Service. "It's a world market," he says.

Refining companies won't say how much they make by selling fuel overseas. But analysts say those sales are likely generating higher profits per gallon than they would have generated in the U.S. Otherwise, they wouldn't occur.

[url]http://www.usatoday.com/money/industries/energy/story/2011-12-31/united-states-export/52298812/1[/url]

Oil boomlet sweeps U.S. as exports and production rise

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Looking at your heating bills or gas prices, you may find it surprising that the United States is enjoying a mini oil boom. It's producing more crude oil and, for the first time in decades, has become a net exporter of petroleum products such as jet fuel, heating oil and gasoline.

[url]http://www.usatoday.com/money/industries/energy/story/2011-12-16/us-oil-boom/52053236/1[/url]

What's to blame for gas price spike?

"Right now, we're at an 11-month high," said Indianapolis commodities broker Lannie Cohen, with Capitol Commodity Services, referring to the price of crude oil. "It's really a supply-based rally. Everybody's worried about future supplies."

But back at the pump, Scott Imus, who heads the Indiana Petroleum Marketers and Convenience Store Association, which represents some 3,000 gas stations and convenience stores statewide, disagrees with Cohen’s assessment.

"Supply is not the problem,” he said. “Demand is off. If you look year-to-date, it's down 5 to 7 percent in terms of demand. Demand is not the issue. The issue is fears of the unknown and what's going to happen in the Middle East."

Those fears, he said, are prompting speculators to bid the price up, pushing the price you pay at the pump away from simple supply and demand.

[url]http://www.wishtv.com/dpp/news/indiana/whats-to-blame-for-gas-price-spike[/url]