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. The United States currently produces about 11 million barrels per day (bpd) from its vast reserves of shale, which are found mostly on federal land and leased by energy companies.
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.