[Recon Dad]

It’s the not very widely covered fact that America became a net petroleum exporter again in 2011 for the first time in more than half a century.

I follow the O/G business and I'm not sure what Will is talking about when he says we are a net exporter. We have started to export some gasoline, but we import 7 plus million bbls of oil per day.

[Dave W]

Yes, that is correct. We are net exporters of gasoline because of two things: falling demand and increased gas efficiency of cars. We refine more gasoline than any other country, which sounds about right.

But at the same time we import oil, however, the number of barrels is falling because of increased domestic production. Several articles that I read about the gasoline mentioned we could also be a net exporter of crude if we would be allowed to drill. Much comment about the oil sands in ND and the fracking in the east.