The US will become a net oil exporter sometime next year. That is, total exports of both crude oil and refined petroleum products will exceed total imports. It’s a remarkable milestone, even if it doesn’t mean that the US is self-sufficient in oil production or insulated from the global market. It reflects the staggering growth in US production in recent years. At the same time, it exposes the importance of crude quality – because the US produces type of oil that most of its refiners were not configured to process. President Donald Trump praised the milestone in his State of the Union speech to Congress Tuesday, albeit before it actually happens. “The United States is now the number one producer of oil and natural gas anywhere in the world. And now, for the first time in 65 years, we are a net exporter of energy,” Trump said. The Energy Information Administration expects the US to flip from longtime net oil importer to net oil exporter in the third or fourth quarter of 2020. A decade ago, EIA forecast in its 2009 Annual Energy Outlook that foreign crude would meet 44% of US demand in 2020. Imports met 60% of US… continue reading
Continue reading No relief at pump when US becomes net oil exporter in 2020. This article appeared first on CTRM Center.
Source: CTRM Center