Under President Trump, the United States has been able to achieve something it has not been able to do since the 1940s — effectively end its dependency on foreign oil.
It is being reported that for the first time in 75 years, the United States has exported more oil than it brought in, the Daily Wire reports.
The accomplishment fulfilled a major campaign promise Trump made to his supporters to make America energy independent from the world.
From the Daily Wire:
While the U.S. has been a net oil importer since 1949, over the final week of November, U.S. net imports of crude oil and petroleum products fell to minus 211,000 barrels per day (bpd) — which means America exported more than it imported, according to data from U.S. Energy Information and Administration.
Oil production has been booming in the U.S. as the shale revolution swept the nation. America is now the world’s largest producer of petroleum, passing Russia and Saudi Arabia. As the U.S. oil boom spread, the power of OPEC was reduced and gas prices in the U.S. have dropped from the $4+ highs under former president Barack Obama.
The Epoch Times reports that the energy milestone was largely ignored as media heads and even the market were focused on an OPEC meeting in Vienna, Virginia.
“While there is so much focus on the drama in the OPEC cartel, the real historic news that went unnoticed was that the United States last week exported more crude oil and fuel than it imported for the first time on record,” Phil Flynn, analyst at Price Futures Group in Chicago, said per the Epoch Times.
“So now the United States can join the community of exporting nations as opposed to consuming nations, at least this week,” Flynn added.
Here’s more, from Bloomberg:
America turned into a net oil exporter last week, breaking almost 75 years of continued dependence on foreign oil and marking a pivotal — even if likely brief — moment toward what U.S. President Donald Trump has branded as “energy independence.”
The shift to net exports is the dramatic result of an unprecedented boom in American oil production, with thousands of wells pumping from the Permian region of Texas and New Mexico to the Bakken in North Dakota to the Marcellus in Pennsylvania.
While the country has been heading in that direction for years, this week’s dramatic shift came as data showed a sharp drop in imports and a jump in exports to a record high.