“When it comes to petroleum, the U.S. is the land of the plenty.” That’s the word according to a recent article published by Bloomberg.
“The year 2017 started off with a bang for American oil companies as total crude and petroleum products exports rose to a record 5.69 million barrels a day in January, government data show. A surplus of fuels means exports are available all the way down the hydrocarbon chain from crude to propane…”
When all was said and done, oil production for the month of January totaled 8.84 million barrels a day, while oil exports “jumped 69 percent to a record 746,000.” Initial reports show these trends continuing, with preliminary data putting oil exports at 1.21 million in the week of February 17. “Shipments abroad have risen since the government lifted a 40-year-old ban on most exports in December 2015,” Bloomberg reports.
The U.S. now not only exports more oil than ever before; it’s also importing less and producing more than it has in decades. It doesn’t take a degree in economics to see that this kind of growth helps put our country on a genuine path toward energy independence. As more and more oil is produced domestically, America becomes less and less dependent on foreign fuel sources.
As good as that news might sound for American oil companies, it’s even better news for American consumers, who can reap the benefits of falling heating oil, propane and gasoline prices.
To read the Bloomberg article, click here.