America is still the world's largest importer of crude oil. From January to October, the country imported 2.7 billion barrels of oil worth roughly $280 billion.So we import a raw material and export a finished product.
Fuel exports, worth an estimated $88 billion in 2011, have surged for two reasons:
— Crude oil, the raw material from which gasoline and other refined products are made, is a lot more expensive. Oil prices averaged $95 a barrel in 2011, while gasoline averaged $3.52 a gallon — a record. A decade ago oil averaged $26 a barrel, while gasoline averaged $1.44 a gallon.
— The volume of fuel exports is rising. The U.S. is using less fuel because of a weak economy...
The one term Marxist president Barrack Hussein Obama said his policies would cause the cost of energy to skyrocket. His policies did exactly what he said they would. Are you claiming that the one term Marxist is a liar? If so what is your evidence?
On the subject matter however, we have locked up supply by not expanding our refinery capacity. Im anxious to see the impact of the oil shale process on domestic supply. We need every energy supply on the table and every alternate transportation source as a viable commercial enterprise to really make a dent into gas prices. Right now we arent doing everything. We are doing everything with non combustion but we could be doing more with that, too.
Our refineries are exporting 400,000 Barrels a day of gasoline and you stil want more production? What we aren't doing is passing the bill that would stop speculators from owning more than 25% of the market at a time. I don't know why should we tolerate anybody buying up oil that doesn't use it at all but isn't 25% of the market enough?
It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
"Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911
You are right on one thing though, it was mission accomplished.
I agree with the majority of Post 9/11 Veterans and Americans, it wasn't worth it.
Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb
So gas wouldn't necessarily be cheaper just from drilling anywhere and everywhere. Because if the increased crude production just turns into gasoline that they ship to China because they make more money, it doesn't lower the price we pay much at all.