Posted on 12/09/2018 6:49:35 PM PST by E. Pluribus Unum
The United States became a net oil exporter last week for the first time in almost 75 years, a significant step toward achieving “energy independence and dominance,” as promoted by President Donald Trump.
The United States had been a net oil importer since 1949. In the last week of November, however, weekly U.S. net imports of crude oil and petroleum products fell to minus 211,000 barrels per day (bpd), meaning the country became a net exporter of that amount, according to data from U.S. Energy Information and Administration.
The news came on the back of a surge in crude exports to a weekly record of more than 3.2 million bpd.
U.S. petroleum net imports peaked in 2005, reaching over 14 million bpd. It has declined gradually since then, falling to an average of 2 million bpd in recent months. This trend was the result of many factors, including increased domestic production of crude oil and hydrocarbon gas liquids.
U.S. oil production has more than doubled since 2012 because of the shale revolution, which started with the development of new technologies in oil extraction.
In the past half-century, the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, had largely dictated the oil markets. The rise of U.S. shale production, however, recently changed the dynamics.
The shale revolution has transformed the United States into the world’s largest petroleum producer, surpassing Russia and Saudi Arabia in recent months.
(Excerpt) Read more at theepochtimes.com ...
If under Carter or 0bama we’d be using kerosene lamps.
Excellent. All thanks to President Trump.
Drill baby drill!
And take that Iran, Russia, and Venezuela and any of our other enemies. We are driving down the price of petroleum and hurting their economies. Something Obama would have never done.
He told us, "Put on another sweater, burn newspapers".
This one week was a bit of fluke. It was just the first time we cracked the balance point, during a week, in 74 years.
At the rate we are going, it will be another year or more before we are consistently a net exporter, but the trend is definitely heading that way.
We are in the midst of a production boom, and we are already solidly the World’s biggest producer of oil, and also the World’s biggest producer of natural gas.
iTs aLl tHaNkS tO oBaMa
True about total imports vs. exports, and that’s good! We need the increases now.
But don’t be confused.
The U.S. is still a net consumer. We used 19.96 million barrels per day in 2017 are are projected to use 20.47 mbd in 2018. Production will probably average about 10.9 million b/d in 2018.
https://www.eia.gov/outlooks/steo/report/us_oil.php
Really, the oil producers are doing a fine job now. Hope that continues for a long time for the sake of our manufacturing increases over the next few years.
Thank you, President Obama!!!
Ha! I had to laugh when Obama took credit. He shut down ALL drilling in the Gulf for a year after the spill.
The bastard despised domestic production...
Germany just agreed to buy huge amounts of LNG from us. Effectively cutting Russian scum out of the majority EU countries. They can still sell gas but can’t politically rue Europe.
Ooops *rule*
Thanks E. Pluribus Unum.
It has absolutely nothing to do with President’s Trump or Obamao, the latter who may have slowed things down on Federal Lands. It has everything to do with American ingenuity and exceptionalism. These plays have been going on for about ten years and they are finally reaching their peak. The only one with room to grow (for oil anyway) is the Permian Basin. The rest will soon be in decline. We have fought off OPEC for a couple decades anyway.
Yeah, most powerful nation in the world the citizens are told to put on a sweater although city folks couldn’t burn newspapers.
The US being 100% energy independent, would mean the middle east no longer matters to US domestic policy... which would liberate us from subsidizing their insanity, and terrorism.
Let China, Russia and Europe have that mess.
This is how you defeat your enemies. Somewhere there is a rule that it is all about economics. Economics allowed us to defeat the Soviet Union during the cold war - capitalist economy vs communist economy - and we never directly engaged the Soviet Union.
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