Exporting U.S. Oil Products: Selling America’s Energy Security10 Feb
In a recent article entitled, “Drill here, sell there, pay more,” Representative Ed Markey, wrote, “For the first time in 62 years, since Harry Truman was president, the United States was a net exporter of oil products. An estimated $88 billion worth of gasoline, diesel, jet fuel and other petroleum products was sent to overseas markets last year.”
Exported diesel fuel also includes home heating oil that has been exported in greater quantities for the past several years. I wrote about this matter in my blog of October 18, 2011. That post noted, “Oil companies are making profits from exported distillate fuels and federal subsidies, while state and city government are vainly attempting to provide heating oil assistance to financially stressed families. Although oil companies are free to sell products to whomever, nevertheless they are not entitled to totally unnecessary subsidies. Some portion of those subsidies could be diverted to poor families for home heating oil payment assistance, while the remaining subsidies could support renewable energy R&D, especially to decrease the levelized cost of electricity (LCOE) generated from solar PV and off shore wind.”
Representative Markey concluded, “An energy agenda that places oil above all is not helping Americans find work or achieve energy security. As we build America’s clean-energy future, we also must also ensure that our domestic oil and natural-gas resources stay here in America.”