Critics of TransCanada’s Keystone XL project often argue that Canada should reap the full benefits of its natural resources, rather than exporting its petroleum riches south of the border. Head to the U.S. and, ironically, you can hear the same discussion. Much of America’s new found oil wealth is being shipped abroad, which is worrying Americans who figured they had a Made-in-the-USA solution to the country’s energy needs. Since 1975, U.S. federal law has banned raw crude from being exported in the interests of national energy security. The legislation, however, doesn’t cover refined products, such as gasoline or diesel. American refineries are free to export as much refined product as they can sell. And these days that’s a lot. Refineries in the U.S. are shipping record amounts of gasoline around the world, exporting the fruits of the country’s shale revolution to some of the same […]