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The Wall Street Journal reports that the United States is now an oil exporting giant:
American oil exports are emerging as a disruptive new force in global markets. The U.S. exported 1 million barrels of oil a day during some months so far this year—double the pace of 2016—and is on track to average that amount for all of 2017, according to a Wall Street Journal analysis of data from the U.S. Energy Department and the International Trade Commission.
American exports are mostly refined petroleum, not crude, but this is a trend many years in the making. As you can see, total imports of petroleum have dropped significantly over the past few years, and if exports double this year we’ll be close to a net balance in the oil trade. It’s a new era.
