* Crude, refined products exports exceed imports in weekly data
* Shale boom has boosted U.S. crude oil shipments to record
America turned into a net oil exporter last week, breaking 75 years of continued dependence on foreign oil and marking a pivotal -- even if likely brief -- moment toward what U.S. President Donald Trump has branded as "energy independence."
The shift to net exports is the dramatic result of an unprecedented boom in American oil production, with thousands of wells pumping from the Permian region of Texas and New Mexico to the Bakken in North Dakota to the Marcellus in Pennsylvania.
While the country has been heading in that direction for years, this week’s dramatic shift came as data showed a sharp drop in imports and a jump in exports to a record high. Given the volatility in weekly data, the U.S. will likely remain a small net importer most of the time.
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WNU Editor: This is a truly incredible accomplishment by America's oil industry. I cannot even begin to list the geopolitical implications that this is having around the world. OPEC in disarray, oil producing states that are hostile to U.S. interests facing severe financial shortfalls (Iran, Venezuela, etc.), and the benefit to consumers and countries that are dependent on energy imports.
6 comments:
Lock her up!
Golden Age achieved and owned!
Trump dictator for life for eternal MAGA!
Yes this new fact, a fact Obama claimed was impossible to achieve, gives the USA a opportunity to fix many of its ills. This new vast industry demands a heavy industrial supply line. Make in the USA. It demands a large STEM suppply. Grow Americans from kindergarten to US graduate schools. Pay down the federal debt from the new revenues. Let oil importers from around the world worry about the jihadi infested Middle East. Drastically scale back refugees and immigrants from all Middle East countries. Recognize Obama was a man made disaster to the USA.
Anyone approving of this situation ought to be interested in the sort of plan an oil industry insider laid out as an example to achieve US energy independence years ago. http://ergosphere.blogspot.com/2006/11/
Thanks opit for the link. A long but interesting read.
I'll never forget my 7th grade history/English teacher (back in 1986) telling the class that the world would run out of oil by the year 2000...it was a theory I guess.
Obit, fossil fuels work. It’s chemistry has raised humanity out of poverty . Go research the famines of India, Bangladesh, Nigeria, China and others from the 1970s and 1980’s. Fossil fuels have saved millons of lives. You are arrogant in the extreme to advocate less useful, less reliable energy solutions over an existing one that works. Plus there is ample evidence that higher CO2 atmospheric levels above the current .04% are beneficial at best, harmless at worse. Evidence in the geologic record.
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