Fact Sheet: The Exporting of US Oil Supply by Big Oil

DID YOU KNOW:

In 2008, the year when gas hit $4 a gallon, Big Oil actually EXPORTED more U.S. oil to foreign countries than at any other time in history. That’s right. While consumers suffered at the pump, 2.027 million barrels per day of domestically-produced, American oil and petroleum products were shipped overseas in one month alone. That export level amounts to approximately 10 percent of all the oil the United States consumes every day.

Record Breaker:

Big Oil companies, who are projected to make $160 billion in profits this year alone, increased domestic exports to record levels in 2008 – the same year the price of gas has broken $4 a gallon.

Where Has Big Oil Been Sending U.S. Oil Supply?:

Since 2002, Big Oil has been sending American oil and petroleum products to many foreign nations including:

China
Venezuela
Taiwan
France
Mexico
South Korea

Questions Surround Republican Offshore Drilling Agenda:

President Bush, Minority Leader John Boehner and the Republican caucus have promised the American people that drilling off America’s beaches is the answer to the current energy crisis. This despite Bush’s own Department of Energy stating that additional drilling will have an “insignificant” impact on the price at the pump, and not for 7 to 10 years at the earliest.

Meanwhile, speculators -- who are responsible for driving the cost of a barrel of oil to a record $140 per barrel this summer -- blamed the spike in the price of oil on demand pressure from China and India. This raises serious questions about the Republican plan –are they planning to give Big Oil more public lands, just so these profit rich companies can Drill Here, Drill Now, only to send our oil to places like China and Venezuela?


For additional information, and a copy of a letter Cong. Edward Markey sent to President Bush on oil export issue, please CLICK HERE.

 

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