The astounding news that the Trump economy has notched another impressive milestone, exporting more petroleum products than it imported, to the utter chagrin of 2020 Democrats, vowing (if elected) they’ll ban fossil fuels altogether, replacing it with?
According to data just released on November 29th, by the Energy Information Administration (EIA), the United States exported roughly 89,000 barrels of fossil fuels per day during the month of September.
That’s the first full month since the U.S. began tracking such data back in 1949, showing that the U.S. has exported more petroleum products than it imported. Moreover achieving an important strategic distinction, of finally being energy independent.
Daniel Yergin, vice chairman of IHS Markit, told reporters on Tuesday, “This is a very big deal, not just rich in symbolism but marking a major and tangible benefit to the U.S. economy.”
Adding; “It’s the end of an era that began with the oil crises of the 1970s.”
The crisis Yergin eluted too, became a wake-up moment for America, regarding what oil-rich third world Arab countries known as OPEC within the Middle East could do with unsavory oil cartels using a strategic commodity as an economic weapon against America, by simply turning off their oil spigot at will, leveraging their power around the world.
For all of our superpower status, America found itself rationing its oil products, most commonly gas. Soon long lines of autos stretched for miles in front of gas depleted stations, hoping to get a few gallons of gas. The state government’s devised various systems to elevate the long lines at the pump, some states used color-coded flags at gas stations, other states used license tags, those with an odd number would be allowed to get gas on a certain day; likewise, those with an even number would have their day.
America for the first time since WWII, found itself venerable and at the mercy of dubious régimes, who could at any moment inflict economic hardship across the country by simply decreasing oil production.
To make matters even more uncertain America was saddled with a folksy inept peanut farmer President, struggling with the economy along with a ruthless Muslim régime holding American citizens hostage.
President Trump remembers all too well those dismal days and the primary reason for turning America into an energy powerhouse. Moreover, the new technology within the energy industry, extracting oil from shale deposits stretching from Texas to New Mexico, and running from North Dakota to Montana, known as “fracking” allowed America a new untapped energy source.
Yergin acknowledged, “Shale completely turned it around. The world has never seen growth at this scale this fast. It’s almost as though, in a number of barrels, that the United States added a second Saudi Arabia within its own borders.” Obama can also claim some responsibility for the export up-tick as well.
To be fair, in late 2015 the former President signed legislation ending the decades-old ban on crude oil exports. Moreover, oil production doubled between 2009 through the last year of his administration, with natural gas production also seeing a 50% rise.
Ironically imports from the Middle East fell to 1.5 million barrels per day, the lowest level since March of 1986.
The President during his most recent State of the Union Address remained the nation the importance of being energy independent, and to never repeat the dark days of the 70’s exclaiming, “We have unleashed a revolution in American energy.”
Jason Bordoff, founding director of Columbia University’s Center on Global Energy Policy contends that “The rapid rise in U.S. oil production began before President Trump and would very likely have continued even if he had not become President, not withstanding his aggressive deregulatory efforts.”