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This is complete and utter rubbish. I do not know where you got this from, care to share? The US used to be the worlds largest net importer of crude oil since

by D_Alex 8y ago

This is complete and utter rubbish. I do not know where you got this from, care to share? The US used to be the worlds largest net importer of crude oil since at least the 1950s, and only recently (2016 or 2017) got overtaken by China. The US is by far the largest consumer of oil, using circa 20 million barrels per day, while producing around 12.5 million. Besides China, no other country even uses as much oil as the US imports.

nostrademons 8y ago
I went digging. I found his claim repeated in a CNN article [1], but also found your claim backed up by government statistics [2][3]. His point was also backed up by a forward-looking government report, though [4]. Basically, the main differences were in products counted (CNN's headline includes natural gas and refined petroleum products as "oil exports", categories where the US is a heavy exporter) and in timescale. The production stats you cite are rising very rapidly - for reference, in 2018 alone U.S. production increased by 3 million barrels/day, almost 30% yearly. That's growing faster than the tech industry. So the government predicts that by 2021, the import/export shortfall will be completely erased and we'll be a net exporter of petroleum. [1] https://www.cnn.com/2019/03/08/business/us-oil-exports-saudi-arabia/index.html https://www.cnn.com/2019/03/08/business/us-oil-exports-saudi... [2] https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRFPUS2&f=W https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=W... [3] https://www.eia.gov/tools/faqs/faq.php?id=33&t=6 https://www.eia.gov/tools/faqs/faq.php?id=33&t=6 [4] https://www.eia.gov/outlooks/aeo/pdf/aeo2019.pdf https://www.eia.gov/outlooks/aeo/pdf/aeo2019.pdf
- D_Alex 8y ago
  Good job on doing the research - let me comment as follows: EIA publishes crude import and export figures directly, see here: https://www.eia.gov/dnav/pet/pet_sum_snd_d_nus_mbblpd_m_cur.htm https://www.eia.gov/dnav/pet/pet_sum_snd_d_nus_mbblpd_m_cur.... The second line of the above reference shows crude imports at 7.25 million bbls/d and crude exports at 2.57 million, so net imports of crude oil are circa 4.7 million bbls/day. Even this surpasses India (4.5mmbbls/d) and Japan's (3.9mmbbls/d) total usage, and only China and the US itself use more. And of course the original claim that the US is a net exporter of crude oil is completely wrong. The rest of the statistics needs to be read with caution - what EIA calls "petroleum products" is an odd bunch, ranging from ethane (gas) to petcoke (solid). Such products are not counted in production numbers of Russia and Saudi Arabia, for example, and are also, pound-for-pound, of much lesser value than crude oil. They have a disproportionate share in the US exports. High value products such as gasoline, diesel and jetfuel are consumed "at home".

by D_Alex 8y ago

nostrademons 8y ago

I went digging. I found his claim repeated in a CNN article [1], but also found your claim backed up by government statistics [2][3]. His point was also backed up by a forward-looking government report, though [4]. Basically, the main differences were in products counted (CNN's headline includes natural gas and refined petroleum products as "oil exports", categories where the US is a heavy exporter) and in timescale. The production stats you cite are rising very rapidly - for reference, in 2018 alone U.S. production increased by 3 million barrels/day, almost 30% yearly. That's growing faster than the tech industry. So the government predicts that by 2021, the import/export shortfall will be completely erased and we'll be a net exporter of petroleum. [1] https://www.cnn.com/2019/03/08/business/us-oil-exports-saudi-arabia/index.html https://www.cnn.com/2019/03/08/business/us-oil-exports-saudi... [2] https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRFPUS2&f=W https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=W... [3] https://www.eia.gov/tools/faqs/faq.php?id=33&t=6 https://www.eia.gov/tools/faqs/faq.php?id=33&t=6 [4] https://www.eia.gov/outlooks/aeo/pdf/aeo2019.pdf https://www.eia.gov/outlooks/aeo/pdf/aeo2019.pdf

D_Alex 8y ago
Good job on doing the research - let me comment as follows: EIA publishes crude import and export figures directly, see here: https://www.eia.gov/dnav/pet/pet_sum_snd_d_nus_mbblpd_m_cur.htm https://www.eia.gov/dnav/pet/pet_sum_snd_d_nus_mbblpd_m_cur.... The second line of the above reference shows crude imports at 7.25 million bbls/d and crude exports at 2.57 million, so net imports of crude oil are circa 4.7 million bbls/day. Even this surpasses India (4.5mmbbls/d) and Japan's (3.9mmbbls/d) total usage, and only China and the US itself use more. And of course the original claim that the US is a net exporter of crude oil is completely wrong. The rest of the statistics needs to be read with caution - what EIA calls "petroleum products" is an odd bunch, ranging from ethane (gas) to petcoke (solid). Such products are not counted in production numbers of Russia and Saudi Arabia, for example, and are also, pound-for-pound, of much lesser value than crude oil. They have a disproportionate share in the US exports. High value products such as gasoline, diesel and jetfuel are consumed "at home".