The U.S. solidified its status as an energy producer by posting the first full month as a net exporter of crude and petroleum products since government records began in 1949.
The nation exported 89,000 barrels a day more than it imported in September, according to data from the Energy Information Administration Friday. While the U.S. has previously reported net exports on a weekly basis, today’s figures mark a key milestone that few would have predicted just a decade ago, before the onset of the shale boom.
President Donald Trump has touted American energy independence, saying that the nation is moving away from relying on foreign oil. While the net exports show decreasing reliance on imports, the U.S. still continues to buy heavy crude oil from other nations to meet the needs of its refineries. It also buys refined products when they are available for a lower cost from foreign suppliers.
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WNU Editor: This accomplishment and its geopolitical impact cannot be underestimated. It is huge, and it has made the world a better and safer place.
Whats more the world knows this is a upcoming earth quake of 10 scale.
ReplyDeleteUS balance of payments will improve. US federal tax revenues will grow faster to help shrink the deficits. US will lose interest in the Middle East oil cop role.
US will develop energy relationships that trump past security relationships.
US will become more isolationist.
ReplyDeleteBut now wait....obama said....