2014 Outlook: "The U.S, Crude Oil Refinery to the World"

The 1975 Energy Policy and Conservation Act prohibits export of U.S. crude oil so the way U.S. production competes on the world market is by way of refined products especially diesel to Europe which competes with that refined from Brent with the result that.....it's complicated, catch me after I've had some coffee.

From BusinessWeek:

1. The U.S. has become the world’s fueling station, sending more gasoline, diesel, and other refined petroleum products abroad than ever before. Exports of these fuels have almost tripled in 10 years.

2. In 2011, the U.S. became a net exporter of refined oil products for the first time since World War II.

3. Exports are forecast to keep rising as European refiners close, domestic crude production rises, and demand swells in emerging markets.