U.S. sees rising trade surplus in refined petroleum products

As the largest economy in the world, the U.S. has consistently also held the top spot among oil consuming nations, relying on massive imports of the fuel to feed its voracious demand. But now Bloomberg reports the changing structure of the global economy has actually transformed the nation into a major exporter of petroleum products.

Crude oil production has increased in the U.S. with the development of shale oil reserves and crude oil net imports continue unabated, but through the first nine months of the year exports of finished petroleum products have outpaced imports by nearly two-and-a-half times. The country has imported 264 million barrels of petroleum products and exported a whopping 655 million barrels.

Areas like California have always exported some amounts of petroleum products, such as petroleum coke for steel production, but now diesel exports to South America and gasoline exports to Mexico have begun to climb.

The primary cause is declining demand in the U.S., in part because of a the slow economy but also because of rising fuel efficiency standards and increasing requirements for ethanol fuel blends. Meanwhile, high demand abroad has pushed more American oil refineries toward the global market.

MarketWatch notes that the nation has seen a similar trend in the natural gas sector, as the development of shale gas reserves pushes supply well beyond demand.


Sign up for PennEnergy's eNewsletters
For Email Newsletters you can trust


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs