US Crude Oil Milestone
This trend will continue. US refinery utilization is high and refiners will continue to import mostly heavy sour crude for which the majority of US refineries were built to process. US refiners simply do not need any more light sweet crude. Therefore, for all intents and purposes every incremental barrel of light sweet crude produced from the Permian Basin, the Eagleford, the Bakken and other “unconventional” US crude oil E&P plays will be exported. As US production of light sweet crude continues to increase, so too will US crude oil exports. We’ve crossed the Rubicon – there’s no turning back now…
December 11, 2018 – Engie Resources
The US has hit a crude oil milestone, exporting more than it imported two weeks ago. Thanks to shale plays, the nation was a net seller of about 200,000 barrels crude and refined products such as gasoline and diesel. According to the U.S. Energy Information Administration, the US has been a net importer since 1973. At the peak of importing, the US was a net buyer of 12.55 million barrels per day in 2005.