US Oil Exports Hit Record Pace. That's Right, Exports

US Oil Exports Hit Record Pace. That's Right, Exports

Who knew that the US is currently exporting 1.8 million barrels of oil a day?

To make sure everybody does, Rep. Edward J. Markey (D-Mass.), Chairman of the Select Committee on Energy Independence and Global Warming, sent a public letter to President Bush, asking him to "keep our oil at home."

The letter didn't specify how, but it didn't miss the opportunity to take a shot at the GOP plan to open up protected offshore waters to oil drilling.

.....at the current export rate, by the time the first barrel of oil could be produced from increased offshore drilling, America would have already exported the equivalent of nearly 40 percent of the oil that is projected to lie beneath protected areas offshore.

It was no coincidence that Markey's letter was released just as John McCain paid a visit to an offshore rig off the coast of Louisiana -- in order to highlight his support for increased domestic offshore drilling.

http://www.huffingtonpost.com/david-sassoon/us-oil-exports-hit-record_b_120058.html

Also:

Gas Prices Up, but so Are Profits and Exports as Refiners Hold Back Production

Rather than match demand for gasoline, oil companies are producing less for the U.S. market and exporting more to other countries, while taking increased profits. The result: higher prices at the pump.

...
Gas Prices Up, but so Are Profits and Exports as Refiners Hold Back Production

Also, refineries have been sending 15% to 20% of their production overseas for about a year, according to one industry analyst. These amounts are double of what they were four years ago.

With gas prices soaring, oil companies’ profits are also rising. ExxonMobil made nearly $11 billion in the first three months of 2011, representing a 69% increase over its performance for the same period last year. BP turned a profit of $7.1 billion and Royal Dutch Shell $6.3 billion in the first quarter.

http://www.allgov.com/Controversies/ViewNews/Gas_Prices_Up_but_so_Are_Profits_and_Exports_as_Refiners_Hold_Back_Production_110502

Please note: top article is from 2008 (but is still true today) - they would like us to forget that now (which is why I posted the second part). Same Shit, Different Day

We don't get more of them when it's weak as if we were selling machinery in, say, Euro - there's no currency impact.

http://www.lewrockwell.com/paul/paul303.html

In November 2000 Saddam Hussein demanded Euros for his oil. His arrogance was a threat to the dollar; his lack of any military might was never a threat. At the first cabinet meeting with the new administration in 2001, as reported by Treasury Secretary Paul O'Neill, the major topic was how we would get rid of Saddam Hussein — though there was no evidence whatsoever he posed a threat to us. This deep concern for Saddam Hussein surprised and shocked O'Neill.

It now is common knowledge that the immediate reaction of the administration after 9/11 revolved around how they could connect Saddam Hussein to the attacks, to justify an invasion and overthrow of his government. Even with no evidence of any connection to 9/11, or evidence of weapons of mass destruction, public and congressional support was generated through distortions and flat out misrepresentation of the facts to justify overthrowing Saddam Hussein.

There was no public talk of removing Saddam Hussein because of his attack on the integrity of the dollar as a reserve currency by selling oil in Euros. Many believe this was the real reason for our obsession with Iraq. I doubt it was the only reason, but it may well have played a significant role in our motivation to wage war. Within a very short period after the military victory, all Iraqi oil sales were carried out in dollars. The Euro was abandoned.

In 2001, Venezuela's ambassador to Russia spoke of Venezuela switching to the Euro for all their oil sales. Within a year there was a coup attempt against Chavez, reportedly with assistance from our CIA.