I’m not sure the crude/refined distinction is really relevant to this discussion. We’re exporting more petroleum product than we’re importing so we have to be a net producer.
But the problem is, those refined petroleum products that we’re exporting are reliant on imports of the raw materials. Those exports represent value that we’re adding to a raw material for which we ae a net importer. And it’s totally unnecessary. We could easily be producing the crude oil that are refineries rely on, if the federal government would get out of the way.
As a wise FReeper once said, it's not that simple.
Half of our crude imports come from Canada and Mexico, and the bulk of that is refined in the US and the gasoline and other products sent back to those countries.
It makes economic sense because we have the refining capacity and transportation from those countries is relatively cheap.
Another factor is the type of refining capacity. We have a lot of capacity to refine heavy, sour crude like that produced in Canada, Venezuela and other countries. Refining this crude is more profitable than refining US light crude, to the point that the refineries make more money importing heavy crude.
Again, much of this will be re-exported.
I know it's essentially an ad from Conoco Phillips but this is a pretty good discussion.