Bloomberg | Justin Fox
Booming production and falling imports enable US to become a major oil power again.
The oil market has changed a lot over the past decade. The U.S. has gone from a big-time net importer of oil to a small-time one. The latest base-case forecast from the EIA is that it will be a “modest net exporter” from 2029 through 2045. Oil’s role in the U.S. economy has changed so much and so fast thanks to hydraulic fracturing and other new methods of getting oil out of shale that it’s worth pausing from time to time to consider what this entails.