The Rising Influence of Rising Affluence

[OakesCS]

Does Nancy Pelosi know what bitumen is?

probably not but the sarcastic "really?" which follows her comment is more to the point. 1. she seems to think the US is a net exporter of crude oil and 2. as the article points out - she doesn't comprehend the value added aspect. The latter point is why many countries which were formerly only producers are now also refiners, e.g. Saudi Arabia's exports of refined petroleum products now dwarf those of the US and a good chunk of the gasoline, diesel, and home heating oil that used to come out of refineries in NJ now comes from the Netherlands (which is why fuel prices in the the northeastern US can be disproportionately higher than prices in most of the lower 48).

Pelosi is truly a despicable person. I'll give her credit as an astute politician but she has no grasp of economics, the petroleum industry, and how important the relationship of those things is to the well-being of the country whose interests she pretends to represent.