Drill pipe is seen below a drilling rig on a lease owned by Oasis Petroleum in the Permian Basin near Wink, Texas, on Aug. 22, 2018.The United States is on track to become a net exporter of crude and fuel for the first time on record on an annual basis in 2020, the U.S. Energy Information Administration said on Tuesday, due to a production surge that has dramatically reduced the dependence on foreign oil.
Net exports of crude oil and petroleum products are expected to average 570,000 bpd in 2020, the EIA said.U.S. shale output has boomed over the past decade, helping make the nation the world’s largest crude oil producer and a major exporter with an average of just under 3 million bpd so far this year.
“September marked the first month in U.S. recorded data that the United States exported more crude oil and petroleum products than it imported,” EIA Administrator Linda Capuano said in a statement.
globebusiness Ahh but Canada needs to stop producing oil because of climate change. See what’s happening here?