Midland Reporter-Telegram | Rye Druzin
Driven by record-breaking oil production, the U.S. is expected to become a net exporter of petroleum by 2022.
The United States could become a net exporter of petroleum in less than five years, the first time the country would achieve such a feat since at least 1949, according to a new report. The shift from importer to exporter is driven by the surge in U.S. oil production that has followed the unlocking of crude reserves from shale formations, according to the report by the research firm IHS Markit. U.S. oil production grew to 9.4 million barrels a day in 2017, nearly double the 5.1 million barrels a day produced a decade earlier. Since then production has only accelerated: the Energy Department last week estimated that U.S. output has reached 11.7 million barrels a day. In making its forecast, IHS Markit included all petroleum products, including fuels, natural gas and petrochemicals. IHS Markit projects that as these exports increase, crude imports will decrease, turning the U.S. from a net importer to a net exporter by 2022.