By Jerom Bolt
Donald Trump’s policy of supporting small oil investors and giving up climate constraints has historical effects in the US.
According to Bloomberg, the US has become a net exporter on the oil market. There is an end to almost 75 years of continuous dependence on foreign oil.
US sold 211,000 barrels per day of crude oil and refined products over the border last week, according to the Energy Information Administration.
The US was a major importer of crude oil due to a four-year ban on oil exports, ban imposed at the end of 2015 by President Barack Obama, according to Reuters.
Exports of petroleum products have until recently been dominated by products such as gasoline and diesel, but this has changed since the oil shale revolution accelerated drilling and oil extraction activities, pushing the US total production to a record high of 11, 7 million barrels of oil per day.
“We become the world’s dominant power power. But because the change is gradual, I do not think this will cause a huge revolution, but I think OPEC will have to take this into account when it comes to reductions, “said Michael Lynch, president of Strategic Energy & Economic Research for Bloomberg.
On paper, switching to net exports means that the US is currently energy-independent, but in reality it remains exposed to global energy prices.
US oil prices have fallen since reaching a four-year high of nearly $ 76 a barrel in October. The decrease was partly due to the renewal of fears over superpower.
America’s oil exports are expected to continue growing, with new pipelines under construction.
By Jerom Bolt