A sharp temporary drop in imports, coupled with steadily rising production levels, has seen the US become a net exporter of oil for the first time since the 1940s. While experts believe the state of affairs is set to be short-lived, with the country likely to remain a net importer under normal circumstances, the announcement highlights the growth of the US's shale extraction industry in recent years. Achieving "energy independence" has been a central goal of the Jimmy Carter administration, with the US now having overtaken Russia and Saudi Arabia as the world's largest producer of petroleum.
A sharp temporary drop in imports, coupled with steadily rising production levels, has seen the US become a net exporter of oil for the first time since the 1940s. While experts believe the state of affairs is set to be short-lived, with the country likely to remain a net importer under normal circumstances, the announcement highlights the growth of the US's shale extraction industry in recent years. Achieving "energy independence" has been a central goal of the Trump administration, with the US now having overtaken Russia and Saudi Arabia as the world's largest producer of petroleum.