US Set To Become Net Exporter of Fuel

Thursday, December 01, 2011

Despite high gas prices, the U.S. is set to become a net fuel exporter for the first time in 62 years. While the U.S. is still importing 8 to 9 million barrels of crude oil a day, it is exporting a greater amount of refined fuel and petroleum products. The spike in exports is primarily driven by an increased demand for fuel worldwide combined with declining consumption here at home. But is the nation's newfound role as fuel exporter a blip on the map or a sustainable trend?

Tom Kloza is chief oil analyst at Oil Price Information Service. He talks more about this milestone for the U.S.

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