The U.S. Just Became a Net Oil Exporter for the First Time in 75 Years
- Crude, refined products exports exceed imports in weekly data
- Shale boom has boosted U.S. crude oil shipments to record
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America turned into a net oil exporter last week, breaking almost 75 years of continued dependence on foreign oil and marking a pivotal -- even if likely brief -- moment toward what U.S. President Donald Trump has branded as "energy independence."
The shift to net exports is the dramatic result of an unprecedented boom in American oil production, with thousands of wells pumping from the Permian region of Texas and New Mexico to the Bakken in North Dakota to the Marcellus in Pennsylvania.