The United States
is now the world’s
largest oil producer,
accounting for about
18% of global
oil production.
The U.S. is also
now a net exporter
of petroleum, which
including crude oil
and petroleum
products,
for the first time
in 75 years.
( data from U.S. Department
of Energy -- November 2019 ).
The U.S. exported about
750,000 barrels per day
more than it imported
in November 2019,
for the third consecutive
month of net exports.
Net exports
DOES NOT MEAN
no imports !
The U.S. is also
a leading crude oil
importer, with
foreign markets
supplying about
20% of our oil needs.
U.S. crude oil imports
averaged 5.8 million
barrels per day
in November 2019.
The U.S. Gulf Coast
is the only U.S. region
that exports more
crude oil than it imports.
U.S. crude oil production
shot up 160% to over
13 million b/d since
the advent of
the shale oil era.
Domestic demand
has remained flat,
but at a very high
at 19-21 million b/d.
In 2019, the U.S,
still imported
9.1 million b/d
of petroleum,
and other
petroleum
-based liquids,
with 6.8 million b/d
of those being
crude oil.
Oil imports are needed for:
-- U.S. regional supply /
demand imbalances, and
-- Many U.S. refineries
are optimized to process
heavier crude grades,
from Canada, Venezuela,
and Mexico, instead of
lighter, sweeter crude oil
from our own shale fields.
A bigger proportion
of U.S. crude oil imports
are coming from Canada
-- 134 million barrels
in 2019, up from from
76 million barrels in 2008.
The United States
is no longer heavily
reliant on OPEC
for oil, with the cartel
now supplying less than
30% of U.S. imports.
True Energy
Independence:
That would mean
the United States
supplies 100%
its oil needs,
and imports no oil,
so CAN NOT be
disrupted by any
oil-related events
in foreign markets.
The US shale
oil boom
has reduced
OPEC’s influence,
but we are NOT
completely
independent
of oil shocks
in other nations
( all other nations combined
produce 82% of the world's oil ).