The U.S. Exported Oil For The First Time In 40 Years

[Bryan]

Interesting....

http://www.buzzfeed.com/nicolasmedi...-oil-for-the-first-time-in-40-years-and-you-r

The United States exported crude oil on Thursday, effectively ending a half-century ban on selling American oil abroad and opening the door for a radical transformation of the world economy, the Wall Street Journal reported.

The BW Zambesi, a Singaporean tanker, set sail from Texas headed for South Korea late Wednesday night, carrying some $40 million worth of American crude oil.

Continued: http://www.buzzfeed.com/nicolasmedi...-oil-for-the-first-time-in-40-years-and-you-r

 

[Danke]

I have read before we export oil and import oil to fill our strategic reserves.

http://www.eia.gov/dnav/pet/pet_move_exp_dc_nus-z00_mbblpd_m.htm

 

[Brian4Liberty]

Isn't this the whole point of the Keystone XL? Pipe oil to Texas and Louisiana to be exported as both refined products and crude.

 

[V4Vendetta]

I agree interesting.... Now I understand why they've recently been building those huge tankers

 

[Zippyjuan]

Isn't this the whole point of the Keystone XL? Pipe oil to Texas and Louisiana to be exported as both refined products and crude.

Keystone is to increase imports from Canada to be refined here and the refined products possibly exported. Even with the tanker going to Korea, we are still net importers of oil (Canada being our biggest supplier).

http://www.bloomberg.com/news/2014-...may-fall-as-gulf-prices-drop-below-brent.html

Crude imports rose to 7.74 million barrels a day last week, the highest level since May 23, the EIA, the Energy Department’s statistical arm, reported. Shipments to the Gulf Coast, known as PADD 3, climbed 383,000 to 3.81 million.

Imports reached 6.47 million barrels a day in mid-May, the lowest level since 1997, as U.S. domestic production reduced dependence on foreign oil. Output reached the highest since 1986 as a combination of horizontal drilling and hydraulic fracturing, or fracking, unlocked supplies trapped in shale formations, including the Bakken in North Dakota and the Eagle Ford in Texas.