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View Diary: President Obama repeats call to end subsidies for Big Oil (82 comments)

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  •  No, that's incorrect (1+ / 0-)
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    We export a small amount of refined products like gasoline and jet fuel, but we are still a giant net oil importer (a little less than 50% of what we use.

    Small net export of refined products is happening now because reduced domestic consumption has created excess refinery capacity. This situation is unlikely to last as refining margins are so low (and even negative), that refineries are being shut down.

    Overall, oil products export is a good thing. US plants and workers add value to the product and sell it overseas, reducing trade deficit.

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