In late December the US Congress lifted a 40 year ban on exporting oil. By late January the first shiploads of oil were off to Europe.
Now it is reported that the US has turned into an ‘oil nation’ with record exports, ‘eating’ away at OPEC’s market share:
The U.S. exported a record amount of crude oil, topping a million barrels a day for a second week and filling the gap in world markets created by OPEC cutbacks.
Shale and other U.S. producers sent 1.2 million barrels of crude oil onto world markets last week, up nearly 200,000 barrels a day from the week earlier and about 350,000 barrels above the four-week average, according to Energy Information Administration data. Until recently, the U.S. was exporting about 500,000 barrels a day.
With the US entering the world oil market, “OPEC doesn’t really control the oil market any more”. OPEC is compiled of a number of terror states, so taking away the only real source of income for these states, is a very good thing.
It’s about time that US oil can legally be exported – Along with prosperity it makes the world safer.
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