Here's an interesting commentary that I heard on The Marketplace Radio a few nights ago. I will try my best to reproduce what was said on air:

"You would think that times and pump prices being what they are, that all the oil and gas that are produced in this country would stay in this country. The more we keep you would think, the lower price it would be. It's supply and demand, and all that. Don't look now, but a part of supply is on its way overseas. Refineries make the residential oil that the warms your home. Part of the reason why home heating oil is skyrocketing is there are barely enough refineries meet demand. Oil companies like it that way. A scare commodity keeps their prices and profits high. So the push on in Washington to increase American refinery capacity. There is one catch though. If you want to see prices fall, oil companies have sell their oil and petroleum products here in America, not in Singapore or Chile. You see, right now in the period of peak demand and limited supply, oil companies are exporting our home heating oil all across the globe. That has created shortage right here, at home and driving up the price. The department of Energy data show that oil companies have exported 1 1/2 billions more gallons of liquid heating products in the first 7 months of 2005 than during the period last year. That amounts to about 20 times greater than the size of the entire Northeast Strategic Reserve for Heating Oil. At the same time, the department of Energy numbers show that imports are falling. With a severe Winter warning, that's a recipe for big profits for oil companies and impossible choices for consumers. The poorest has to choose between food and keeping their family warm. It's a choice that no family has to make in America. Legislation had passed in the House of Representatives last week gave new subsidies to oil companies that build refineries but the bill gave no new restrictions on where the petroleum products could be sent. In other words, it's all carrots but no stick."

10/13/2005 5:13:11 PM (Eastern Daylight Time, UTC-04:00)

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