Two factors could directly affect the future level of US crude exports. Thanks to the shale oil revolution, for the first time since the 1940s, the United States exported more oil than it imported last September. In that month, U.S. exports of crude oil and refined products exceeded imports by 89,000 barrels a day, according to EIA statistics. This marks a significant turning point, for only a decade ago, American imports exceeded exports by a hefty 12 million barrels a day. Commenting on this change, Bob McNally, a former energy consultant to President George W. Bush and president of the consulting firm Rapidan Energy Group, said, “the U.S. return to being a net exporter serves to remind how the oil industry can deliver surprises — in this case, the shale oil revolution — that upend global oil prices, production, and trade flows.” The International Energy Agency (IEA) believes the […]