https://pjmedia.com/trending/u-s-reports-first-month-in-70-years-as-net-exporter-of-oil/
Remember a few years ago when the United States was heavily dependent on foreign oil and experts were telling us we’d be a slave to OPEC forever?
I remember it well. We fought wars for oil, undermined unfriendly governments for oil, but in the end, we were at the mercy of others for our oil supply. Our economy was held hostage by OPEC, as even a small change in the price of oil would send markets reeling and slow economic growth.
But in September, that all pretty much ended. For the first time since records were kept beginning in 1949, the United States became a net exporter of oil.
Bloomberg:
“The U.S. return to being a net exporter serves to remind how the oil industry can deliver surprises — in this case, the shale oil revolution – that upend global oil prices, production, and trade flows,” said Bob McNally, a former energy adviser to President George W. Bush and president of the consulting firm Rapidan Energy Group.
Soaring output from shale deposits led by the Permian Basin of West Texas and New Mexico has been in main driver of the transition — but America’s status as a net exporter may be fragile. Many Texas wildcatters are predicting a rapid decline in production growth next year, while some Democratic contenders for the White House have called for a ban on fracking — the controversial drilling technique that unleashed the boom.