Magazine article E Magazine

Why Gas Prices Are Rising

Magazine article E Magazine

Why Gas Prices Are Rising

Article excerpt

In 2011, the U.S. exported more petroleum products than it imported for the first time in over six decades, according to the Petroleum Supply Monthly February report by the U.S Energy Information Administration (EIA). Petroleum products were ranked second in value, behind vehicles, of all U.S. exports during 2011 at $111.1 billion--up 60% from 2010--according to U.S. Department of Commerce trade data.

"We are a net exporter now;' says Tom Kloza, chief oil analyst for the Oil Price Information Service. "If not for high prices [of gasoline] in the U.S., it would be something to cheer about in terms of helping the deficit."

U.S. oil exports have increased substantially over the past decade--from approximately 425 million barrels in 2005 to over 858 million barrels in 2010. Over one billion barrels of crude oil were exported in 2011 according to the EIA, with total monthly exports topping three million barrels per day for the first time in the nation's history. …

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