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The U.S. Just Became a Net Oil Exporter for the First Time in 75 Years

posted by takyon on Sunday December 09 2018, @09:35PM   Printer-friendly
from the pump-and-dump dept.

martyb writes:

The U.S. Just Became a Net Oil Exporter for the First Time in 75 Years:

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. Given the volatility in weekly data, the U.S. will likely remain a small net importer most of the time.

"We are becoming the dominant energy power in the world," said Michael Lynch, president of Strategic Energy & Economic Research. "But, because the change is gradual over time, I don't think it's going to cause a huge revolution, but you do have to think that OPEC is going to have to take that into account when they think about cutting."

The shale revolution has transformed oil wildcatters into billionaires and the U.S. into the world's largest petroleum producer, surpassing Russia and Saudi Arabia. The power of OPEC has been diminished, undercutting one of the major geopolitical forces of the last half century.

I can see short-term benefits (avoiding another 1973 Oil Crisis), but am concerned about the long-term strategy. Given a fixed supply of oil, isn't the US just racing to deplete its resources and therefore setting itself up for a later "oil crisis"? The only hope I see is a huge and continued emphasis in transitioning to alternative energy sources (be it solar, wind, and/or nuclear) and thus ween itself from dependence on foreign supplies.

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  • (Score: 3, Touché) by Anonymous Coward on Sunday December 09 2018, @10:13PM (3 children)

    by Anonymous Coward on Sunday December 09 2018, @10:13PM (#772100)

    -----BEGIN PGP SIGNED MESSAGE-----
    Hash: SHA256

    America is the world leader in Basic Income, but you are simply too poor (and therefore lazy and ugly) to experience it. In order to qualify, you need several million dollars, something like 20, and then you can start collecting with a shovel. You are probably confused, because the moochers call it "rent", "royalties", "stock options", "business-friendly tax rate", and many many other professional-sounding names, and behave as if they had a *man*date from haven to collect it (and according to some forms of x-tianity, they do). ~ 0x9932FE2729B1D963
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    Starting Score:    0  points
    Moderation   +3  
       Flamebait=1, Insightful=1, Touché=3, Total=5
    Extra 'Touché' Modifier   0  
    Total Score:   3  

  • (Score: 2, Interesting) by Anonymous Coward on Monday December 10 2018, @01:55PM (1 child)

    by Anonymous Coward on Monday December 10 2018, @01:55PM (#772359)

    Plenty of poor people will remain poor no matter how much money you give them. I'm on my way to have someone evicted who bounced a check after signing a judgement of posession that hinged on her paying rent on time to avoid eviction. At the same time she had a diamond ring and Iphone 10 in the courtroom. Having her out on her ass, and her kids taken away form her and given to their father, who I never met (she claims he is awful) but going by how this woman acts he must be a saint, will be the Christmas present I deserve.

    • (Score: 0) by Anonymous Coward on Wednesday December 12 2018, @12:47AM

      by Anonymous Coward on Wednesday December 12 2018, @12:47AM (#773214)

      That's why you give them an education - a real and effective one, not the rote learning kind. Guess what, that costs money, which implies you nee to give money to help the poor, just not directly/literally.

  • (Score: 0) by Anonymous Coward on Tuesday December 11 2018, @01:35PM

    by Anonymous Coward on Tuesday December 11 2018, @01:35PM (#772844)

    How does adding a pgp sig help?