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U.S. Oil Exports Increase While Import Dependence Falls

Rig

Friday April 7, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. U.S. oil import dependence down from shale revolution

(Click to enlarge)

- The U.S. used to import roughly 60 percent of the oil it needed for its domestic consumption, a figure that rose for about two decades ending in the mid-2000s.
- Import dependence has been declining for nearly ten years. This is partly due to oil prices rising sharply in the mid-2000s. Also, the U.S. introduced fuel economy standards – which began under the Bush administration and were tightened significantly under the Obama administration.
- Obama-era CAFE standards put the U.S. auto industry on course for an average of 54 miles per gallon by 2024.
- Carmakers have made the fleets more efficient as a result.
- But the supply-side effect of the fracking revolution led to a surge in U.S. domestic output, cutting out a lot of imports.
- Altogether, U.S. import dependence fell to under 30 percent last year.
- A coalition of companies, including FedEx (NYSE: FDX) are lobbying the Trump administration to refrain from derailing this progress by rolling back fuel efficiency standards, warning that domestic supply will never be enough to make…




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