Thursday, August 21, 2008

Record Oil Exports

Never mentioned in the oil company endorsed party currently being given by House Republicans is this little tidbit. Apparently the US is exporting a record amount of oil, to the tune of 1.8 million barrels a day that is flowing onto the world markets.
the United States’ record export levels this year amounts to nearly 10 percent of all the oil the United States consumes every day. U.S. oil exports increased to 1.806 million barrels a day in May 2008 -- the most recent month for which data is available -- from last year’s average export level of 1.433 million barrels a day of oil and petroleum products. In addition, the United States reached the highest level of oil exports in our nation’s history in February of this year.

So while the GOP led "drill here, drill now" stunt continues on the House floor, is anyone going to ensure that what we produce here stays here once the Democrats cave as we all know they will? If not all we will be doing is helping those in China and the India meet their ever growing demand while doing little to drop prices here.

By the way, if you are looking for some perspective on what 1.8 million barrels means in the grand scheme of things, one of the latest countries that Bush and McCain are rattling their "war sabres" towards, Iran, currently exports around 2.5 million barrels a day.

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