Fuel is now the top U.S. export. The Associated Press reports that America is on pace to ship out more gasoline, diesel and jet fuel than anything else in 2011. (Aircraft, motor vehicles, vacuum tubes and telecom equipment were next on the list of top exports.) Granted, this is only for refined petroleum products — and those exports are still dwarfed by America’s much, much larger imports of crude oil. Still, it’s the first time fuel has been our top export in 21 years. So how did this happen?
It’s also worth noting, as energy analyst Gregor McDonald points out in comments on Hamilton’s piece, that U.S. oil consumption has declined since 2006, which means that much of the refining capacity the country added in the past decade is now geared toward exports.