If the Keystone pipeline is authorized, then that crude will move to the Gulf Coast for refining and distribution -- fulfilling roughly 8% of our total consumption and displacing approximately 16% of our current imports.
What isn't generally known is that about 70% of the project has been completed -- a line from Manitoba to Steele City, NE and thence to Wood River, IL and Cushing, OK has been completed. Trans-Canada has also announced that they will start work on the leg from Cushing to the Gulf.
The XL line at issue will serve as the hypotenuse of the triangle, from Alberta to Steele City, NE. Importantly, it will include a major terminal at Baker, MT to serve the Bakken oil field in the Dakotas.
In other words, we're already getting some of that crude. But not near as much as we could be. Plus, it will improve the availability of the Bakken crude.
Any idea of shipping Gulf-refined gasoline to China is absurd. Why do that?
Thank you for your detailed information. At my AOL email I was just served up more information, which you can check for accuracy considering the source. According to this we are actually exporting slightly more oil than we are importing, thanks to lower usage in US. We are also exporting gasoline. Oil companies are selling to the highest bidder and don’t care a fig about us consumers and our gasoline prices. A lot of our exports are to Europe and Latin America. One thing that worries me is that so much of our refining capacity is so vulnerable to hurricanes.
http://www.huffingtonpost.com/2011/12/31/united-states-gas-export_n_1177559.html?ncid=webmail3