We've spoken several times about how the United States has the potential to become energy self-sufficient through the shale revolution. Indeed, the U.S. could become the world's #1 exporter of energy, if the right policies are put into place.
As evidence that this is beginning to happen, Bloomberg reports that, in August, U.S. exports of petroleum hit record highs, and imports of crude oil hit record lows.
U.S. exports of petroleum products reached a record in August for the month as refiners boosted rates, the American Petroleum Institute said.
Shipments of fuels increased to 4 million barrels a day last month, up 7.5 percent from a year earlier, the industry-funded group said today in a monthly report. Refiners operated at the strongest seasonal level in August, raising gasoline production to the highest on record for the month.
Fuel exports averaged 3.96 million barrels a day this year through August, up 17 percent from 2013, according to the API. Refineries processed 16.7 million barrels a day of crude last month, up 2.3 percent from a year ago and the highest August level.
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Imports of crude oil dropped 6.2 percent from a year earlier to 7.6 million barrels a day, the lowest imports for August in 18 years.
It's time to lift the federal ban on crude oil exports. Did you even know that it's against the law for the U.S. to export crude oil?