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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 the U.S. energy “independent.”

2.…




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