Key Landmark For US Shale Boom: Net Exporter

For the first time in decades, the United States last week was a net exporter of crude oil and petroleum products.

New York, (UrduPoint / Pakistan Point News - 7th Dec, 2018 ) :For the first time in decades, the United States last week was a net exporter of crude oil and petroleum products.

That distinction -- revealed in US Energy Information Administration data released Thursday -- is the latest sign of how the shale boom has lifted the United States's standing on global petroleum markets, prompting talk of "energy dominance" by President Donald Trump.

It's quite a change from the situation that defined American energy for decades after the 1970s oil shocks led to a US ban on oil exports in 1975. The US reversed the policy in late 2015.

New petroleum recovery techniques such as hydraulic fracturing, leading to major new oil production in North Dakota, Texas, Pennsylvania and other states.

The US currently pumps out 11.7 million barrels per day of crude, making it competitive with the largest global oil producers, including Saudi Arabia and Russia.