[ckilmer]

And we have already spent the money to take advantage of the cheaper oil.
.........
I have not seen the spread recently between brent & WTI. is imported heavy crude cheaper than local domestic light crude?

[thackney]

Brent and WTI are both light sweet.

is imported heavy crude cheaper than local domestic light crude?

Yes. See Jan prices and history below.

Light Louisiana Sweet First Purchase Price $89.39
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=F003075773&f=M

West Texas Intermediate First Purchase Price $90.39
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=F003048623&f=M

U.S. Landed Costs of Crude Gravity 20.1 to 25.0 percent $78.36
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=I000000258&f=M