[CT]

If we do not increase our capacity to refine, many of the gains in jobs and economic growth will go offshore (through tankers and LNG transfers). Just like cutting old growth timber, and shipping the logs to Japan for processing.

[familyop]

"If we do not increase our capacity to refine, many of the gains in jobs and economic growth will go offshore (through tankers and LNG transfers). Just like cutting old growth timber, and shipping the logs to Japan for processing."

Agreed. We should refine as much as possible. It's going to be done anyway. Eastern Asia may have hundreds of millions of new drivers over the years to come, and manufacturing continues to increase there. So prices may get much more attractive for those willing to put more effort into refining.

Our Bakken Formation could yield up to about 7.4 billion barrels of oil from oil-bearing shale (US Geological Survey, April, 2013). At 18 million barrels per day (little less than what our U.S. consumption has presently declined to), that would keep our USA going for about 411 days. [Little hint there. We can use the oil sands product, too--as much as we can buy.]

Granted, we won't be needing that much for American consumption in the near future, so we might as well get something out of it. The Arab dude mentioned in the article, by the way, is probably really more concerned about our declining consumption from the default process.

Have fun. Enjoy the slide. It'll be good for us in the long run. [Serious about that.]