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Arthur Berman: “The Devil is in the Diesel”
The Great Simplification with Nate Hagens
Is America More Energy Independent Than Japan and Europe?
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The U.S. consumes 20 million barrels a day of refined products, not oil. The amount of crude oil that goes into American refineries is something around 13 to 14 million Barrels per Day. A lot of what we consume are natural gas liquids, many of which don't come from this refining column at all. And so the the oil refining analogy that Michael was talking about there is I buy oil from you. I put it into my refinery. I turn it into gasoline and other products,. I sell it back to you and call myself a net exporter.
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