• 3 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 6 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 8 minutes OPEC is no longer an Apex Predator
  • 12 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 4 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 31 mins Australia Election Summary: "This was the Climate Change Cult Election, and the Climate Change Cult Lost"
  • 1 hour Australian Voters Reject 'Climate Change' Politicians
  • 8 mins Shale to be profitable in 2019!!!
  • 9 hours California Threatens Ban on ICE Cars
  • 9 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 9 hours IMO2020 To scrub or not to scrub
  • 7 days How can Trump 'own' a trade war?
  • 12 hours Global Warming Making The Rich Richer
  • 9 hours Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 35 mins Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 39 mins DUG Rockies: Plenty Of Promise, Despite The Politics
  • 9 hours "We cannot be relying on fossil fuels to burn as an energy source at all in our country" - Canadian NDP Political Leader
  • 4 hours Some Good News on Climate Change Maybe
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