If Domestic Supply Is the Problem, Why Are U.S. Oil Companies EXPORTING 1.6 Million Barrels of OIL every day?

';To reduce pressure on prices, we need to increase the supply of oil, especially here at home,'; Bush told reporters.


Bush this month lifted an executive order that had banned drilling in most U.S. waters and wants Congress to end its own drilling ban before lawmakers leave town in August.


';The sooner Congress lifts the ban, the sooner we can get this oil from the ocean floor to your gas tank,'; Bush said.


Critics of the offshore drilling plan noted that the Energy Department released data this week showing that U.S. exports of finished petroleum products, including gasoline, diesel fuel and jet fuel, soared to 1.592 million barrels per day in May.


The exports set a record for the month and were up 31 percent from a year ago.


Jim Greeff, deputy legislative director for the League of Conservation Voters, said the export data shows it was ';misleading'; for the administration or the oil industry to suggest new offshore supplies would reduce U.S. pump prices.


';The oil companies pushing for drilling is nothing more than a land grab,'; Greeff said.





http://www.guardian.co.uk/business/feeda鈥?/a>If Domestic Supply Is the Problem, Why Are U.S. Oil Companies EXPORTING 1.6 Million Barrels of OIL every day?
Because their patriotism is to the almighty dollar and greed, not to this country. Remember.....this type of company is Bush's base and probably McCain's also. The offshore drilling is an attempt to placate the people. It would not make a huge difference...probably just give Exxon more to export with a government subsidy for their drilling efforts. Just one more case of government being controlled by the haves and have mores.


If you want lower prices, just boycott the big oil companies like Exxon....refuse to buy their products. They set the price line for the smaller companies. If nobody buys, they will lower their prices to sell and smaller companies will follow them. Go as green as you possibly can and reduce your dependence on oil. My house is going solar next week and my car was traded for a hybrid. It might not make a huge difference in the grand scheme of things but it will make a huge difference for my own family.If Domestic Supply Is the Problem, Why Are U.S. Oil Companies EXPORTING 1.6 Million Barrels of OIL every day?
Remember when one of the conditions for development of the North Slope in Alaska was that all the oil had to be used in the US? That worked great for a while. It produced a glut of oil on the West Coast that depressed prives. Then Big oil lobbied for Congress to lift the export ban. It was lifted and US Gas and oil prices rose accordingly!!





Thank the republican party drill anywhere at anycost gang for that
It's all about money. If the price of oil is so high, why or how are the oil companies making record profits unless they are only jacking up gas prices? Same with off-shore drilling. They have leases on 68,000,000 acres (33,000,000 are off-shore) but are not drilling on them. The excuses will be interesting if Congress pushes forward with the ';use it or lose it'; Bill to remove leases they refuse to drill on.
Because we have very strict environmental laws. some of our heavy crude was sold to the world market. Lighter crude was bought.


Oil companies have invested 1.3 trillion in alternative energy.


Pelosi's 'use it or lose it' is deceitful. Oil companies have always used their leased land. Some is being drilled, some explored and those not containing enough oil are returned.
that's the part they keep on forgetting to tell you.





the talking points are drill here drill now cheaper gas.





drilling here does not mean the oil stays here in fact much of it gets sold over seas to avoid taxes. much of our oil comes from Canada.





if anything we should nationalize our oil industry





then it would be OUR oil for our people.



Not only are they exporting more than ever, but keeping a huge surplus to further add to a phony created shortage. Bush is pushing for more drilling, because tax money is used to drill, not a dollar of Exxon profits or subsidy.
Our government and the Oil Corporations are in bed together, and they compound lie on top of lie to the American public to justify their own agenda! One day we have to wake up and stop voting these corrupt people into office, and stop buying from these corrupt oil companies!
Even though the first and second answers are correct there is the point that Saudi Arabia and the OPEC countries aren't paying the 'market price' for oil and they aren't so daft as to have absolute and unquestioning faith in uncontrolled free market Capitalism.
And I always say, why would oil companies voluntarily lower their profits to make gas cheaper???





When your a company and your making record profits, why would you want to stop that?





Republicans don't understand basic economic reasoning.
The product goes where the money is. The highest bidder controls the sale.
Because there are other customers in the world market willing to pay more.
The USA is selling guns to Al Quaida also. Profit must be preserved...at all costs.
Oil is bought and sold on the WORLD MARKET...........it IS a WORLD COMMODITY.





Furthermore, I suggest you keep researching as the US drilling of oil in our OWN COUNTRY has DECREASED TREMENDOUSLY from years past...............this being BECAUSE of the moratorium on oil in this Country.





We should do everything possible in this Country to curb the rise in price of not only oil, but also natural gas.........as this will become a huge issue come winter time.





We need to look at BOTH SHORTTERM and LONGTERM.





Furthermore, why in the h*** should we be paying OUR ENEMIES over $700 billion/year. That money could be well spent on our own economy don't you think?