Oil Prices
About: oil prices - google news
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- oil prices
- big oil
- taxes
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US crude production is at its highest in eight years, helping reduce imports. But the US petroleum market is at once global and regional, underscoring how simplistic ideas of energy independence can be in internationally traded commodity markets. The Gulf of Mexico coast, home to 43 per cent of refining capacity and able to consume cheaper crudes, has turned the US into a net exporter of petroleum products for the first time since at least 1949. The inland US, enjoying a surfeit of fresh crude supplies, has been selling discounted petrol into landlocked markets. The west coast is isolated from the rest of the country, while the east coast has historically relied on imported fuel. “The US is really four markets when it comes to products,” says Ed Morse, head of commodities research at Citigroup and a former US oil official.
If its refineries close as planned, the east coast will become even more dependent on imported petrol.

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