• 4 minutes China - EU: Xi Says Cooperation Is Mainstream In Their Ties
  • 8 minutes The Mining Industry Has Had It Easy For Far Too Long
  • 11 minutes Lawsuit-Happy Councilor Wants to Take Big Oil to Court
  • 15 minutes U.S. Shale Output may Start Dropping Next Year
  • 29 mins Dutch Populists Shock the EU with Election Victory
  • 15 hours Venezuela Says Russian Troops Land to Service Military Equipment
  • 10 hours Trump to Make Allies Pay More to Host US Bases
  • 5 hours Multi-well Pad Drilling Cost Question
  • 16 hours U.S.-China Trade War Poses Biggest Risk To Global Stability
  • 56 mins England Running Out of Water?
  • 48 mins Public Companies that attended OPEC "THREAT DINNER" at CERRAWEEK must disclose any risks in their SEC Financial filings.
  • 16 mins 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 20 hours Read: OPEC THREATENED TO KILL US SHALE
  • 1 day One Last Warning For The U.S. Shale Patch
  • 1 day European Parliament demands Nord-Stream-ii pipeline to be Stopped
  • 2 days Climate change's fingerprints are on U.S. Midwest floods
  • 2 days Modular Nuclear Reactors

Breaking News:

Algerian Oil Output Unchanged Amid Unrest

Nick Cunningham

Nick Cunningham

Nick Cunningham is a freelance writer on oil and gas, renewable energy, climate change, energy policy and geopolitics. He is based in Pittsburgh, PA.

More Info

Record Oil Production Won’t Free The U.S. From Global Markets

Rig

In the first week of July, U.S. net imports of petroleum products fell to just 1.670 million barrels per day (mb/d), the lowest weekly total on record in at least three decades.

The decline of net imports comes as the U.S. has ramped up oil production in the last few years, which affects the net import figure in two ways. Surging oil output cuts out the need for imports. Also, a steady increase in exports also pushes down the net import figure.

Crude oil exports hit a high of 3 mb/d in the third week of June.

However, the net import figure has been falling for years, and a large part of that is the fact that the U.S. has been scaling up exports of refined products, including gasoline, distillate fuel oil and propane, among others. This trend dates back longer than the recent run up in crude exports.

In 2005, weekly net imports peaked, routinely topping 13 mb/d. Now that figure has plunged to less than 2 mb/d.

With a zero net import bill in sight, is the U.S. on the verge of energy “independence,” the long sought-after goal that has been promised by just about every president dating back to Richard Nixon?

Not exactly. While the U.S. may not need oil and refined product imports in the same way that it used to, the U.S. is still completely enmeshed and intertwined with the global market. In fact, as output of oil and refined products dramatically increased over the past few years, the volume of trade also rose sharply. “Far…




Oilprice - The No. 1 Source for Oil & Energy News