27 Dec '12, 9am

#7 - Bill O'Reilly is Misinforming Americans About Oil Supplies

O'Reilly: But of course, they are not lower. They are much higher because the oil companies are shipping their products overseas. Measured in dollars, so oil products are now America's largest export worth $88 billion a year to the oil companies. A decade ago, oil exports were not even among the top 25 exports. Most of the oil stayed here. And with working Americans getting hammered by stagnant wages and huge unemployment, this is yet another punishing situation for the folks. Most of the oil still stays here. O'Reilly is casually conflating exports of oil products and "oil exports." According to the Energy Information Administration , the U.S. currently produces 5.7 million barrels of crude oil per day, imports 9 million barrels of crude oil per day, and exports 50,000 barrels per day (less than 1% of our crude oil production). The fact that we import 9 million barrels of...

Full article: http://www.theoildrum.com/node/9741

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