US becomes net exporter of oil

Fuel Fix:
The nation's stockpiles of commercial crude oil fell by 1.7 million barrels last week, surprising industry observers who'd projected a sizable increase yet again.

The dip in crude supplies was buoyed by the U.S. nearly breaking its weekly record in crude oil exports, shipping out 3.7 million barrels a day, primarily from the Texas Gulf Coast, according to new estimates from the U.S. Energy Department.

The drop in crude inventories was part of an even bigger overall decline in petroleum stocks as supplies of gasoline, jet fuel and distillate fuel oil - used to make diesel and heating oils - all fell as well. Total commercial petroleum stocks fell by 9 million barrels last week, the Energy Department said.

The decline jumps to 10 million when counting another sale from the nation's Strategic Petroleum Reserve, which is now down more than 2 percent in the last 12 months.
This is the third week in a row for such huge exports.  It suggests the new infrastructure to get the oil from the Permian Basin to the Gulf Coast is starting to pay off.  It is happening at a time when shipping rates from the Persian Gulf are going up because of the instability caused by Iran and a recent attack also on an Iranian freighter.  It is also happening despite Chinese tariffs on US oil.

It is a business that Democrat candidates have threatened to kill with their attacks on fracking and other drilling activities.  It raises questions about why any Texas voter would support the Democrat nominee for President.


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