U.S. Posts First Petro Product Trade Surplus Since 1949

The times they are a-changin’.

According to the EIA the United States exported more petroleum products than it imported in 2011 for the first time since 1949.   Though declining, American refiners still imports large amounts of crude oil.

Strong global demand for distillate fuel, which includes diesel, some, of which, is likely the result of Japan’s energy problems from last year’s devastating earthquake helped fuel demand for U.S. products.   Refiners also had increased access to to supplies of crude oil imports from Canada, which exceeded 2 million bbl/d for the first time in 2011 and North Dakota’s Bakken formation.   The U.S. does remain a net importer of crude oil, however.

Petroleum products were ranked second in value of all U.S. exports during 2011 at $111.1 billion, up 60 percent from 2010.  Vehicles were the number one U.S. export last year at $132.5 billion.   Crude oil was the biggest U.S. import, totaling $331.6 billion, up 32 percent from 2010, mainly due to rising prices rather than volumes.

This appears to be a trend.  Still want to be short the dollar?

(click here if charts are not observable)

This entry was posted in Commodities, Crude Oil and tagged , , . Bookmark the permalink.

5 Responses to U.S. Posts First Petro Product Trade Surplus Since 1949

  1. Pingback: US Posts Its First Petro Product Trade Surplus… « zumoit

  2. Pingback: Thursday 7atSeven: payroll previews | Abnormal Returns

  3. Worst President Ever says:

    First of all, the US is a net ***petroleum product*** exporter, not a crude oil exporter as Abnormal Returns falsely claimed.

    Second, this post does not explain which product(s) the US exported… If you go to the source of these charts (EIA) the US exported gasoline, because European refineries could not source enough brent crude from Libya. Meanwhile, US consumers didn’t need the gasoline domestically because U-6 unemployment is running 17% and youth unemployment is over 25%

  4. Pingback: Thursday 7atSeven: payroll previews

  5. Tiho says:

    Yes I still want to short the Dollar. The Dollar will eventually go much much lower…

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