With the price of gas on the rise again, this is really shocking news:
The United States is awash in gasoline. So much so, in fact, that the country is exporting a record amount of it.
The country exported 430,000 more barrels of gasoline a day than it imported in September, according to the U.S. Energy Information Administration.
That is about twice the amount at the start of the year, and experts and industry insiders say the trend is here to stay.
We always hear that if we want gas prices to go down one of the big answers is more refineries. Well apparently we have more than enough refining available if we are now in the export business.
And why are we exporting more than we are importing? It seems like it would make more sense to just say "hey - we're not going to import or export and use it all here". But this is the "global economy" and not much makes sense in that.