* Crude, refined products exports exceed imports in weekly data
* Shale boom has boosted U.S. crude oil shipments to record
America turned into a net oil exporter last week, breaking 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.
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WNU Editor: This is a truly incredible accomplishment by America's oil industry. I cannot even begin to list the geopolitical implications that this is having around the world. OPEC in disarray, oil producing states that are hostile to U.S. interests facing severe financial shortfalls (Iran, Venezuela, etc.), and the benefit to consumers and countries that are dependent on energy imports.
