US ends its reliance on foreign oil for the first time in 75 years
Well, not exactly. Crude oil refineries along the US Gulf Coast are geared predominantly towards processing heavy sour crude rather than the light sweet crude that is being produced from virtually all shale/unconventional crude oil plays in the US. So while it might be true that the US is exporting more crude oil than it is importing, the fact remains that the light sweet crude oil we are producing is not a viable substitute for the heavy sour crude oil that many USGC refineries require as a feedstock. We have more light sweet crude oil than we need – which is precisely why it is being exported. Meanwhile, imports of heavy sour crude oil will continue regardless of how much light sweet crude oil we produce and export.
Read the Article From Bloomberg here: https://www.msn.com/en-us/money/markets/us-ends-its-reliance-on-foreign-oil-for-the-first-time-in-75-years/ar-BBQAM92?li=BBnbfcN&fbclid=IwAR2sV-1cHUDxSQ-leVkmepevJGp_Pml9DmgVO-bAxTp-7fx8dZgCEE0dgUo