U.S. Net Petroleum Exports Exceed 2M bpd

U.S. net imports of petroleum (oil and refined products) started collapsing with the great spikes in oil prices in the mid 2000’s, and have continued to fall ever since. The U.S. became a net exporter (for the first time in more than five decades) in 2019. That continued through the pandemic.

In December (the most recent update), U.S. net exports exceeded 2.0 million barrels per day:


That’s just…astonishing. In a generation, we went from the world’s largest importers of oil (and fears of Peak Oil) to one of its larger exporters. And almost entirely due to changes in extractive technology (ie. fracking), rather than discovering new resources. Simply amazing.