The U.S. has become a net exporter of oil products for the first time since 1949

REDRANT:  TO USE ROUND NUMBERS THE USA IMPORTS AROUND HALF IT'S CRUDE OIL CONSUMED.  THE TOTAL USA CONSUMPTION IS AROUND 20 MILLION BARRELS PER DAY.  WITH CRUDE AND BYPRODUCTS LIKE PROPANE THE USA PRODUCES ROUGHLY TEN MILLION BARRELS A DAY OF "WET PETROLEUM".  THIS IS CRUDE AND RELATIVELY EASY TO TRANSPORT PRODUCTS LIKE PROPANE.  THIS DOES NOT INCLUDE NATURAL GAS WHICH IS RELATIVELY DIFFICULT TO TRANSPORT EXCEPT BY PIPELINE OR THE STILL COSTLY LIQUID NATURAL GAS SHIPS.


THE USA EXPORTS BETWEEN 2 AND 2.2 MILLION BARRELS OF PETROLEUM PRODUCTS, MOSTLY REFINED LIQUID FUELS.  THIS WOULD GET THE USA DOWN TO 40% NET CRUDE IMPORTS IF WE FIGURE THE CRUDE USED FOR EXPORTED PRODUCTS.  WITH THAT, HALF THE CRUDE IMPORTED INTO THE USA COMES FROM THE WESTERN HEMISPHERE.  WE MAY NOT THINK OF VENEZUELA AS AN ALLY BUT WE CAN REFINE THAT SOUR, HEAVY SLUDGE THEY PRODUCE.   OUR LARGEST OPEC SOURCE IS SAUDI ARABIA.  WE GET A LOT FROM AFRICA.  POLITICALLY UNSTABLE BUT NOT ANTI-USA.  HERE IS A GOOD OVERVIEW.  http://www.eia.gov/energy_in_brief/foreign_oil_dependence.cfm  


THE OLD SCENARIO IS A MIDEAST WAR CUTTING OFF OIL.  OIL IS FUNGIBLE TO A HIGH DEGREE.  THAT SAID, THE WORST CASE SCENARIO WOULD NOT LEAVE THE USA "HIGH AND DRY" BUT IT WOULD HURT, ESPECIALLY AT THE PUMP.   


FOR THE FUTURE, THE USA HAS LOTS OF NATURAL GAS AND THERE WILL BE INCREASED UTILIZATION OF IT.  I JUST GOT MY NOVEMBER NATURAL GAS BILL FOR MY HTTP://SEARSHOUSE.COM    AROUND $30 JUST FOR JUST THE FUEL PART OF IT.  I WOULD BE SURPRISED IF MY HIGHEST BILL FOR THE FUEL PART WILL BE MORE THAT $100 A MONTH THIS WINTER.  IT IS A TIGHT LITTLE SHIP BUT FRIENDS HEATING WITH PROPANE OR FUEL OIL ARE REPORTING COSTS THREE TO FIVE TIMES AS GREAT FOR COMPARABLE FUEL BTU'S (I CALCULATE THESE THINGS!).  


THE CONVERSION TO NATURAL GAS IS ONGOING IN THE USA.  THIS WILL DISPLACE A LOT OF PROPANE AND FUEL OIL.   WE HAVE THE SOLUTION TO USA ENERGY DEPENDENCY AVAILABLE.  ALL IT TAKES IS HAVING THE GOVERNMENT GET OUT THE WAY AND LETTING THE MARKET WORK..


MILLION DOLLAR WAY HAS A TRAVEL DAY SO, WITH BRUCE AWAY I GET TO "PLAY" VIA THIS REDRANT.  GREG LANG 

ORIGINAL STORY LINK BELOW
http://www.bloomberg.com/news/2011-12-05/record-u-s-exports-led-by-caterpillar-in-developing-markets-seen-for-2012.html