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1 MIN READ - An update on rising U.S. oil exports from The Cautious Optimism Correspondent for Economic Affairs and Other Egghead Stuff
Read Reuters story here
"Indian Oil Corp, the country's top refiner, has signed its first annual deal to buy U.S. oil, paying about $1.5 billion for 60,000 barrels a day in the year to March 2020 to diversify its crude sources, its chairman said on Monday...
"...Indian Oil buys about 75 percent of its oil needs through long-term deals, mostly with OPEC nations.
"The term deal will help cut IOC's dependence on OPEC crude, said Sri Paravaikkarasu, head of east of Suez oil for consultants FGE in Singapore.
"Lots of geopolitical issues are going around. We expect lots of volume going away from Venezuela, west Africa and Iran, so it makes sense to have guaranteed term supplies from the U.S., where crude production is increasing," she said."
“But we can’t just drill our way out of this problem. While we consume 20 percent of the world’s oil, we only have 2 percent of the world’s oil reserves."
-Barack Obama, March 3, 2012