Oil companies are making more money and less fuel

[Newsjock]

Source: Los Angeles Times

... Despite increasing demand, refiners are producing less gasoline and diesel in the U.S. than usual for this time of year. They're also exporting more to foreign countries.

... "This is a page torn right out of the handbook of gouge-onomics," said Charles Langley, senior gasoline analyst at the Utility Consumers' Action Network in San Diego. "We call it the law of supply and demand: They supply less product and demand more money for it."

... The nation's refineries are operating at about 81% of their production capacity, Energy Department statistics show. That compares with a 20-year historic average of about 89% for this time of year, according to department records.

... And here's another piece to the fuel-price puzzle: Refiners are exporting large amounts of gasoline and diesel to foreign buyers willing to pay a premium. Demand for refined products such as gasoline is expected to go back into decline in the U.S. by the end of 2011 because of increased use of alternative fuels, among other things, so refinery companies are looking to broaden their reach with new customers overseas, particularly with diesel fuel.

Read more: http://www.latimes.com/business/la-fi-oil-refineries-20110429,0,7502154.story

[Arctic Dave]

1. What is that saying Bartcop uses,

If a mistake makes someone money, expect them to keep making that mistake.

Something like that.

[crickets]

2. Sufficient affordable energy for the running of the country is a national security issue.

Companies could make a reasonable profit at home without creating artificial shortages or selling our energy resources out from under us abroad. Our national policy should reflect this, shouldn't it?

[DCKit]

4. +1 Unfortunately, very few politicians have the guts to declare it a national security issue.

Despite that, there is nothing more important to our economic security.

[DCKit]

3. The last paragraph of the OP is the lamest excuse for profiteering I've ever heard.

Illogical logic.

This is exactly the reason Putin is banning exports from Russia beginning in May - bring domestic prices down and stop the profiteering.