The times they are a-changin’.
According to the EIA the United States exported more petroleum products than it imported in 2011 for the first time since 1949. Though declining, American refiners still imports large amounts of crude oil.
Strong global demand for distillate fuel, which includes diesel, some, of which, is likely the result of Japan’s energy problems from last year’s devastating earthquake helped fuel demand for U.S. products. Refiners also had increased access to to supplies of crude oil imports from Canada, which exceeded 2 million bbl/d for the first time in 2011 and North Dakota’s Bakken formation. The U.S. does remain a net importer of crude oil, however.
Petroleum products were ranked second in value of all U.S. exports during 2011 at $111.1 billion, up 60 percent from 2010. Vehicles were the number one U.S. export last year at $132.5 billion. Crude oil was the biggest U.S. import, totaling $331.6 billion, up 32 percent from 2010, mainly due to rising prices rather than volumes.
This appears to be a trend. Still want to be short the dollar? Read More