Obama Is Giving China Our Oil Fields
From: Cathcart
Sent: Tuesday, August 14, 2012 6:19 AM
To: undisclosed recipients:
Subject: Fw: Obama is . . . GIVING OUR OIL FIELDS TO CHINA
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Obama THE WORST THING TO EVER HAPPEN TO AMERICA
It’s quite important to remember that it is against the law to export oil extracted from the US mainland, regardless of who owns the rights to the resource.
It is not against the law to export the end products derived from oil — and US-based refiners have been doing that to their heart’s content for decades…so much so that we are now a net exporter of refined products. Whatever your point of view, it is a fact that this market movement is not a function of federal energy policy, it is a function of the economics — just ask any of the refiners themselves. It is simply more profitable to ship diesel to Europe and many other places than to sell it here. Demand has fallen here in the US, and we have more than enough refining capacity to serve our own needs. California, long an importer of gasoline, now exports it from time to time, which is about as dramatic a turnaround as one can imagine (California is the third largest gasoline consumer in the world, after China and the entire U.S.) — if California is exporting, you know demand has fallen off a cliff.
(I recognize that the state will suffer temporary supply trouble because of the Chevron refinery fire, but this is an event-specific problem).
As an added bonus, exporting fuel (especially diesel) tightens supplies in the US and boosts prices here. That manufactured price increase to diesel represents a tax on all consumers because the fuel price gets passed through on every item that’s shipped by train or truck, every farm and construction site that uses diesel-powered equipment, and every business that uses diesel-powered machinery, and so on.
This is all legal and it is what shareholders expect them to do — look out for their interests, even if it saps the US economy and slaps higher prices on consumers throughout. If you want to blame someone for “domestic’ resources not staying domestic, I think you need to look to the companies doing the exporting.