Myth vs. Fact: Plenty of Crude Oil Supply, Refineries are at Below Capacity

MYTH: We have plenty of crude oil supply and our refineries are operating below capacity.

FACT:  According to a 2011 Congressional Research Service report, Venezuelan and Mexican crude oil production is declining and refiners will need additional feedstock to refine and supply the U.S. market. Additional supplies will come from heavier crude supplies in the Middle East and Africa, or, more commonly, from Canada.[1]

[1] CRS, “Keystone XL Pipeline Project: Key Issues,” 21 March 2012

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