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 ...
Agree...Russia is just one big gas station now. Young people are leaving and going elsewhere for jobs. Putin has, for whatever reason, decided to try and rebuild the USSR.
Yay...still winning! “Drill, Baby, Drill”, as a wise and beautiful woman once said.
That would be a great blessing!
Or candles!
Q: What did socialist societies use for light before they had candles?
A: Electric lights.
Don’t think so but if I agreed with you we’d both be wrong.
Ya. The “Glory Days” probably. However, the USSR was not a great place. Not for average folks. Plus a little nationalism.
That’s why the rich Russians are all here, buying up Staten Island, Brooklyn, Newark, Atlantic City, etc.
Yup.
Accidentally leave your sense of humor at your last layover?
You should hear me when I blast the dispatcher for wanting to send me through a storm area when I ask for extra fuel to get around it and he argues with me about more fuel.
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