NEW YORK ? This year, United States has produced more crude oil than in previous years. The country is now a net exporter of gasoline, heating oil and jet fuel, among other petroleum products, for the first time in years. In short, America is experiencing a mini boom in oil production, USA Today reports.
From January to September, the United States exported more oil-based fuels than it imported, which will mean 2011 will be the first year in 62 years that the country is a net exporter of such products. Another long-term trend has been turned around with America producing 10 percent more crude oil than 2006.
?It's dramatic. It's transformative,? said Edward Morse, a former energy official who now heads global commodities research at Citigroup. ?We're moving toward energy independence.?
The biggest change the reversal has is on U.S. foreign policy, where 12 percent of U.S. petroleum imports came from Saudi Arabia in 2010. ?What's occurring is a rebalancing of the world oil supply,? said Daniel Yergin, author of The Quest: Energy, Security, and the Remaking of the Modern World.
The drive behind the boomlet is the upped production of heavy crude and shale oil, which had not been economically feasible to extract. ?It's the new, new thing,? said Yergin of shale oil. He said U.S. production of tight oil could leap to 2.9 million barrels a day within 10 years.
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