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Comment: Gasoline isn't coming down because it's being exported,...

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SteveMT's picture

Gasoline isn't coming down because it's being exported,...

along with diesel and jet fuel. They were the three biggest U.S. exports last year. Believe it.

1/3/2012 Gas, Diesel, Jet Fuel are Top U.S. Exports

America is on pace this year to ship more gasoline, diesel, and jet fuel than any other single export, according to U.S. Census data going back to 1990. A decade ago, fuel wasn't even among the top 25 exports.

While exports of refined petroleum products are up in dollar terms, export volumes are still dwarfed by America's much, much larger imports of crude oil. According to the Associated Press, from January to October, the country imported 2.7 billion barrels of crude oil worth roughly $280 billion, while fuel exports in the same period totaled an estimated $88 billion.

The U.S remains the world's largest importer of crude oil and the country is still a long way from energy independence, but this upward trend in fuel exports is significant.