371. SURGE IN US GASOLINE AND DIESEL EXPORTS
This is an interesting phenomenon:
A record 1.6 million barrels a day in American refined petroleum products were exported during the first four months of this year, up 33 per cent from 1.2 million barrels a day over the same period in 2007. Shipments this February topped 1.8 million barrels a day for the first time during any month, according to final numbers from the Energy Department.SourceOne contributor to the recent drop in crude prices has been the rise in US gasoline and diesel stocks due to falling demand:
These rises in stocks are even more impressive when you consider that, so far in 2008, US product exports are running at 1.6 million bpd -- up by 312,000bpd over 2007 (Source: EIA). Stocks continue to build even though large volumes of gasoline and diesel are being exported.