US Petroleum Exports Hit 3 Million BPD

For many decades, the U.S. was one of the world’s largest importers of oil. With the boom in fracking, U.S. oil imports have been declining for quite a while. A few years ago (before the pandemic), the U.S. actually became a net exporter of petroleum products. We still imported crude, on balance - but just enough of that crude was getting exported out again as refined product that we tipped over into being a petroleum exporter.

Well, that trend has continued rapidly. Just a few months ago, our net exports crossed 2 million bpd for the first time. And today, the EIA released their March figures - and the U.S. was a net exporter to the tune of 3 million barrels per day:

That’s just…well, it’s astounding. What fracking hath wrought. That’s almost certainly a bit of a monthly outlier, but still - we’re probably one of the world’s top ten exporters now. The shift to “Saudi America” seems to be pretty sizable.