Rising Gas Prices Have Dented Obama's Rating: Poll

Exports

Total Crude Oil and Products
2,921 2,921 3,096 3,156 3,156 3,156 1991-2012
Crude Oil
37 37 37 37 37 37 1991-2012
Products
2,884 2,884 3,059 3,119 3,119 3,119 1991-2012
Finished Motor Gasoline
626 626 556 616 616 616 2010-2012
Kerosene-Type Jet Fuel
71 71 92 92 92 92 2010-2012
Distillate Fuel Oil
996 996 1,124 1,124 1,124 1,124 2010-2012
Residual Fuel Oil
381 381 420 420 420 420 2010-2012
Propane/Propylene
102 102 104 104 104 104 2010-2012
Other Oils
708 708 763 763 763 763 2010-2012

Net Imports

Total
8,387 7,580 7,514 8,031 7,723 7,348 1991-2012
Crude Oil
8,843 8,376 8,719 9,054 9,150 8,675 2001-2012
Products
-456 -796 -1,205 -1,023 -1,427 -1,327 2001-2012

A barrel of oil is 42 gallons. When the barrel is processed, you may get something like 15 gallons of gasoline, 9 gal. of fuel oil (See Gasoil / D2), 10 gal. of jet fuel (Kerosene) and 4 gal of other "heavy" products such as lubricants, grease, asphalt / bitumene and plastics and 4 gallons of lighter condensates/naphtha.

In April, ThinkProgress caused a stir when we uncovered a series of Koch Industries corporate documents revealing the company’s role as an oil speculator. Like many oil companies, Koch uses legitimate hedging products to create price stability. However, the documents reveal that Koch is also participating in the unregulated derivatives markets as a financial player, buying and selling speculative products that are increasingly contributing to the skyrocketing price of oil. Excessive energy speculation today is at its highest levels ever, and even Goldman Sachs now admits that at least $27 of the price of crude oil is a result from reckless speculation rather than market fundamentals of supply and demand. Many experts interviewed by ThinkProgress argue that the figure is far higher, and out of control speculation has doubled the current price of crude oil.

The link between commodity speculation and global food price weirdness just got stronger, and researchers warn that a new and potentially calamitous price bubble is imminent...

...In their their ideal form, commodity markets should contain “70 percent commercial hedgers and 30 percent speculators. The speculators are there to provide liquidity. In the summer of 2008, it was discovered that it’s now 70 percent speculation and 30 percent commercial,” said Michael Greenberger, former director of the CFTC’s Division of Trading and Markets. “Now reports are coming out that it’s 85 percent speculation and 15 percent commercial. You have markets dominated by people with no real interest in the economics of supply and demand, but who are taking advantage of bets authored by Wall Street that prices will go up.”