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View Diary: Obama calls for end of oil tax breaks (121 comments)

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  •  The article has it wrong. (3+ / 0-)

    Where it stated that the U.S. "actually exported more oil that it imported" it really meant exported more refined oil products (mostly gasoline, diesel, jet fuel) than it imported already-refined oil products.

    But those net exports of refined oil products are pretty tiny compared to the net import of crude oil.

    To put it very roughly in more visualizable terms: if we represent USA oil consumption as filling a single one-gallon container, then about half that gallon comes from domestic production and the other half has to be imported (from Canada, Saudi Arabia, etc). And then, from the refining of that gallon into useable fuels, net exports of refined oil products would be around 3 fluid ounces.

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