Fuel exports up 55 % in 2013
Growing production of U.S. oil and gas is helping to improve the nation’s trade balance, according to a federal report Monday.We could do even better if we could break Democrat policies of creating artificial scarcity by keeping federal sites off limits for drilling. Still the trade deficit was the lowest it has been in four years despite the Obama administration blocking drilling in offshore sites and the Western US and Alaska.
Dramatic growth in the export of refined petroleum products, such as jet fuel and gasoline, has led the way. The value of net refined exports increased 55 percent in 2013 over the prior year, reaching $33 billion, according to the U.S. Energy Information Administration.
U.S. refiners are finding cheaper domestic alternatives to overseas oil, causing a rally in the ratio of refined fuel exports to imports. Overall energy export values increased 8 percent in 2013 over the prior year.
Total energy imports to the U.S. fell by 11 percent for the same time period.