Is America Energy Self-Sufficient Yet?
image credit: America Energy
- Mar 11, 2019 7:39 am GMT
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In December 2018, the US became a net oil exporter for the very first time since 1943 which was during WWII which was after Europe called 911 many times and America finally answered when Pearl Harbor was attacked.
Moreover, this monumental achievement of the country appropriately shows the growing global influence of the rising crude oil production by America.
As reported by the American Petroleum Institute and Bloomberg, the US had been a net oil importer for the last 75 years.
According to the US Energy Information Administration (EIA), the weekly American net imports of petroleum products and crude oil were at minus 211,000 barrels in November 2018, indicating that the country was a net exporter of that figure.
Energy Independence is Crucial: President Trump
From the beginning, President Trump has stressed on the importance of establishing US energy dominance as his key objective.
Ever since he came to office, Trump has been focusing on growing energy exports and domestic energy production in the country.
The Trump administration announced in March 2017 that they have granted a permit for commencing the construction of Keystone XL pipeline. They said it was only first of the many more infrastructure projects Trump plans to approve to increase the employment opportunities for Americans.
Trump approved the Keystone XL project and revived the Dakota Access pipelines within two months of coming into the office.
The president also promised total independence from foreign oil sources in a statement given in May 2017. According to CNN (which some people refer to as the communist news network for sound reason but in this case they actually got it right), America is very close to achieving energy independence.
In June 2017, during the celebration of Trump administration’s Energy Week, the president announced that he will formally begin a comprehensive review of the energy policies of America.
Rick Perry, the Secretary of Energy, explained that an energy dominant US will mean a completely self-reliant economy. It translates into the US becoming an even more powerful nation that is free from any geopolitical turmoil of other countries.
America’s Energy Dominance Recognized by the Mainstream Media
A New York Times article published in January 2018 caught the eye of the business magazine Forbes.
The article discussed the incredible impact of the US oil boom on the country’s energy and diplomacy efforts around the globe. Forbes reported that this piece basically states how Trump’s plans for American energy dominance are coming to fruition.
But Forbes also noted that the said article failed to give much-deserved credit to the Trump administration for making it all happen.
The Forbes piece also detailed the president’s plan for establishing American energy dominance and improving the bargaining position of the country from a global perspective.
EIA Data is Encouraging
According to the Energy Information Administration (EIA) figures, in May 2018 the American LNG (liquefied natural gas) exports had quadrupled to approximately $5 billion. The number is expected to grow to $12 billion by the end of 2019.
EIA recently reported that even though the energy trade gap has considerably narrowed, it wouldn’t disappear completely given the current trends of energy consumption. Production is set to increase but the lack of proper infrastructure spells trouble for increased output.
President Trump has made good on his promise to re-position America as one of the biggest oil producers and exporters in the world. However, the country has still a significant distance to go before it can achieve 100% energy independence.