Myth vs. Fact: Gulf Coast Export from US will Raise Prices

MYTH: Gulf Coast refineries will export refined products from the United States, thereby raising prices for consumers.

FACT: Exported refined products consist primarily of heavier products that are not in demand in the U.S., such as diesel, residual fuel oil and petroleum coke. The vast majority of on-road motor fuel refined in the U.S. is for domestic use. The exportation of refined product is part of global trade to balance supplies. Products with higher demand in the U.S. are sold here, which, according to EIA, could stabilize prices while products in lower demand are exported – improving our balance of trade and employing American workers to refine them[1].



[1] Energy Information Administration, U.S. Gross Crude Supply- 2011

Comments

  1. Jenita says:

    Holy concise data baatmn. Lol!

Speak Your Mind

*