And my dogs are greyhounds, idiots of the dog world.
We export a tiny amount of oil, almost entirely to Canada where it is a function of the closest refinery or main pipeline. In return they send us over 450 times greater in total.
Now what has also happened is years of expanding and upgrading our refineries, combined with falling domestic demand, have finally given us a surplus of refinery capacity.
Now this combination has allowed us to be in the position to import a little more crude oil than we need, run it through our refineries and export a higher priced product like diesel, jet fuel, etc to help our trade balance and keep more jobs in the US. So when you look at refined products instead of crude oil, you see the following:
Now you will often see a higher value for the US total consumption of petroleum. I used the data for refined products. The total includes Natural Gas Liquids, produced mainly at Natural Gas Processing plants. When you include that number, I total usage is about 2.3 million barrels per day higher.
Click any graph here for the source, data set and further breakdown if desired.
THEN Thack is the price so damned high?..
Keep it simple.. I’m more of a Beagle..