I keep hearing over and over that the US imports all of its gasoline and raw petroleum that it used, however when you look at the numbers its the greatest exporter of oil ever. Wouldn’t it make more sense for the US to just take some that they produce and keep it to sell to its own consumers.
In: Economics
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US is not the world’s largest exporter, although it does export a lot (around 4 million barrels per day). I see no comments with numbers. Also go to Www.EIA.gov. Hear it from the horse’s mouth. 🙂 Numbers: Let’s talk numbers: Crude oil (in million barrels per day MBPD): World production: 90mbpd US production: 12 MBPD (Saudi Arabian is at 11) US consumption: 20MBPD (Saudi Arabia is at 4) US needs a net import of 8 million BPD. SA has a net export of 7 million BPD. Now US exports around 4. So it ends up importing more than 8. Why export? Not all crude oils are same. US sells the one it doesn’t want (sweet one) but buys the one it can process ( the sour kind).
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