The United States is awash in gasoline. So much so, in fact, that the country is exporting a record amount of it.
The country exported 430,000 more bbls of gasoline a day than it imported in September ....There is an interesting link tucked into that story, corroborating what I have said earlier about the center of hydrocarbon center of gravity moving from the Mideast to the Americas.
Link here.
This is one of the few stories that I cannot "cut and paste" a summary. There is too much obfuscation. One needs to read the entire story to understand what is being said. If this is a straight news story, fine. But if Steve is trying to infuse some analysis into it, he misread the information coming out of the Mideast.
The takeaways from this article and one linked within the article:
- The Saudis technology to bring oil to the surface and to ship it is very, very inefficient
- The Saudis generate 50% of their electricity from burning oil (oil: $100/bbl; natural gas: significantly less expensive)
- Saudi oil used for local consumption: accounts for up to 12 percent of their total oil output
- Saudi's oil consumption could double by 2020
- Saudi could be a non-exporter of oil within 20 years
The Mideast folks are not switching to solar because they believe in global warming. Moving to solar energy by Mideast countries suggest they know how much oil they really have.
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