Skip to main content

The advocates of opening up .... well, everywhere ... in the US and its shores as way to bring down gas prices now have a new black swan data point to deal with in January's trade balance report:

The U.S. exported a record $11.6 billion in petroleum products, but crude imports by the barrel tumbled to the smallest amount since 1997.
The amount of oil we import is still far larger than what we import; however, what this shows - again - is that oil is global.  Unlike debauchery in Las Vegas, for oil, what's produced here doesn't (necessarily) stay here.  Oil prices are set by a global market.  

The data also suggest that gas prices should have fallen in January, which I believe they did, but since this is a trend that's been going for some time, they sure have not gone down over the last number of years.  And, while it seems unlikely the import/export balance for petroleum would have reversed on a dime, prices at the pump have gone up in the last few weeks.

Increase domestic supply makes a lot of sense for security reasons, but for that to work, the government would have to control exports.  Those salivating at the prospect of puncturing our lands and offshore waters with swarms of drilling rigs would be the first to howl at the prospect of government controls of petroleum exports.  Ironic, ain't it?

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

  •  Tip Jar (4+ / 0-)
    Recommended by:
    Agathena, Oh Mary Oh, marina, joanneleon

    The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt. Bertrand Russell

    by accumbens on Fri Feb 08, 2013 at 06:16:38 AM PST

  •  It doesn't make any sense for security reasons (4+ / 0-)
    Recommended by:
    Agathena, Oh Mary Oh, marina, joanneleon

    Given that the #1 threat to the US is climate change. It will hammer the heartland long before anyone invades.  

    The only way to have energy security is to not use oil

    Hay hombres que luchan un dia, y son buenos Hay otros que luchan un año, y son mejores Hay quienes luchan muchos años, y son muy buenos. Pero hay los que luchan toda la vida. Esos son los imprescendibles.

    by Mindful Nature on Fri Feb 08, 2013 at 06:23:43 AM PST

    •  True long-term, but it is still a security issue (2+ / 0-)
      Recommended by:
      joanneleon, nextstep

      if we have to import oil rather than use our own.  And you are correct that we would need our own alternatives because our own supply is not sufficient.

      The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt. Bertrand Russell

      by accumbens on Fri Feb 08, 2013 at 06:51:39 AM PST

      [ Parent ]

      •  In the "short-term" too (0+ / 0-)

        it takes on the order of a decade to get a new discovery into production.  IN that time frame we can either a) develop more oil or b) reduce our need for it by pushing hard for renewables.  It's the same time frame.  

        And whether our supply is less than or greater than our consumption is irrelevant.  As long as it's a global market, an oil embargo by unfriendly nations will still hit the US as our US drilled oil gets shipped out to Europe and China where it will fetch a high price.

        The ONLY way to insure against oil price shocks is not to use it.

        Hay hombres que luchan un dia, y son buenos Hay otros que luchan un año, y son mejores Hay quienes luchan muchos años, y son muy buenos. Pero hay los que luchan toda la vida. Esos son los imprescendibles.

        by Mindful Nature on Fri Feb 08, 2013 at 04:37:32 PM PST

        [ Parent ]

  •  The Tar Sands bubble might burst (2+ / 0-)
    Recommended by:
    marina, joanneleon
    The narrative goes like this: resistance to oil pipelines like Keystone XL, Northern Gateway and Trans Mountain's twinning means an ever increasing supply glut in the U.S. Midwest, forcing the price of Western Canadian crude oil downwards as compared to the North American crude oil benchmark West Texas Intermediate -- WTI.
    http://thetyee.ca/...
    February 17th, protest the Keystone XL pipeline.

    To thine ownself be true

    by Agathena on Fri Feb 08, 2013 at 06:43:56 AM PST

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site