Can/will the US become a net crude exporter?: to be determined
Although the US has been a net petroleum exporter (a combination of crude and petroleum products) for 2 years now, it remains a net importer of crude. While exports have dramatically increased in the last few years to a point where the US exports roughly 5mbd of crude, it still imports 6-6.5mbd of crude. This is necessary due to the constraints of the current US refineries. No new large scale crude refineries have been built in the US for over 40 years and that will not change given regulations. The input requirements of the current refineries make the current level of imports necessary.
As both crude (as well as petroleum product) exports continue to increase, the US moves closer to becoming a net crude exporter. The latest EIA forecast has US net crude imports falling from a current level of 2.5mbd down to 1.0mbd by the end of 2025. As recently as 2019 the level of US crude imports was ~4.2mbd. Reaching the level of net crude exports >0 is possible in the near future.
Reaching …
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