How the U.S. went from an oil importer to an exporter

In the past, the United States was one of the world’s largest importers of crude oil, has been importing oil, natural gas and other energy from Canada, Venezuela and other countries, but in recent years, the United States in addition to its own production of oil and natural gas self-sufficiency, but also able to export, why?

Originaltitle: How the U.S. went from oil importer to exporter Source: Sheep City Evening News

How the U.S. went from an oil importer to an exporter

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The main reason is advances in technology. The U.S. itself has abundant oil shale resources, but in the past it has been difficult to extract the oil and gas rich because of limited technology. In the 1990s, The drilling company of George Mitchell, a Texan, broke through shale gas extraction technology, mainly by fracking, triggering a U.S. shale gas revolution, with a flood of capital pouring into shale gas development.

The U.S. is already the world’s largest producer of shale gas; Starting in 2016, the United States became a net exporter of natural gas.

After the successful development of shale gas, americans used hydraulic fracturing technology to move into shale oil development. Shale oil is the oil resources contained in shale formations, including oil in the mud shale voids, as well as in dense carbon or debris rock in the mud shale formation. U.S. shale oil production reached 2 million barrels a day in 2012 and is expected to reach 2.81 million barrels per day by 2020.

It is the massive development of shale gas and shale oil that has leapt the United States to the top of the world in oil and gas production and transform itself from an oil and gas importer into a major exporter of oil and gas.

Is the United States therefore achieving oil independence? A Bloomberg report says the U.S. needs to import large quantities of crude oil to meet the needs of domestic oil processors, despite Mr. Trump’s persistent claims that the U.S. is moving away from foreign oil dependence. In addition, the United States also imports petroleum products from abroad because of the low prices.

Where are U.S. oil exports mainly exported? Data show that the United States crude oil exports to the main countries of Canada, South Korea, the United Kingdom and the Netherlands and other countries.

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