Americans have cut back on driving so much US is now a net exporter of refined fuels
- 9/1/11, "Gasoline close to record high before Labor Day," AP
Drivers will pay more for gasoline this Sept. 1 than in any other year except 2008, when pump prices hit an average of $3.686.
Retail gasoline prices are rising in the U.S. even though motorists are buying less. Analysts say they have been pushed higher by a steady rise in international gasoline demand. Americans may be using less, but drivers in developing nations are using more.
"It's all part of being in a global market," said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service.
"Americans are using so little gasoline that the U.S. has been a net exporter of refined fuels to other countries for the past nine weeks...."You have to go back years and years," Kloza said. "I haven't found a time when we've been a net exporter for that many weeks.""...
- via Drudge