Katerina Swanson
Fuel is a highly valuable export for the US, and the country's energy policies have been through a significant transformation in the past few decades. In 2012, the US became a net exporter of fuel, a notable shift from the previous six decades, where the country imported more fuel than it exported. The US's net exporter status is largely due to its massive shale-fuelled production climb, with the Permian Basin of Western Texas being a key driver.
| Characteristics | Values |
|---|---|
| Year the US became a net exporter of petroleum products | 2011 |
| Year the US became a net exporter of crude oil and petroleum products | 2020 |
| US petroleum export surplus in 2020 | 750,000 b/d |
| US petroleum import average in 2019 | 520,000 b/d |
| US petroleum export surplus in September 2019 | 140,000 b/d |
| US petroleum export surplus in October 2019 | 550,000 b/d |
| US crude oil production peak in 2019 | 11.4 million bpd |
| US crude oil production in November 2019 | 12.8 million bpd |
| US crude oil import in 2022 | 6.28 million b/d |
| US crude oil export in 2022 | 3.58 million b/d |
| US crude oil and petroleum product export surplus in the first half of 2021 | 120,000 b/d |
| US crude oil and petroleum product export and import in the first half of 2021 | 1% |
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What You'll Learn
The US is the world's largest exporter of gasoline
The United States is the world's largest exporter of gasoline. In 2022, the US imported about 6.28 million barrels of crude oil per day and exported about 3.58 million barrels per day. While the US is a net importer of crude oil, some of this imported crude oil is refined into petroleum products such as gasoline, diesel fuel, and jet fuel, which are then exported. This has made the US a net exporter of petroleum products.
The US has historically been a net importer of fuel, importing more fuel than it exported for six decades until 2011. In 2011, a slow economy and more efficient vehicles reduced demand from American motorists, prompting refiners to send their products to the global market. This made US-refined fuel more expensive at home but improved the country's trade balance.
The US's status as a net exporter of petroleum products is due in large part to the massive shale-fueled production climb, with the Permian Basin of Western Texas leading the charge. In September 2019, the US exported 140,000 more barrels of crude oil and petroleum products per day than it imported, and this number increased to 550,000 barrels per day in October. According to the EIA, the US was expected to average 750,000 barrels per day of net exports in 2020, compared to an average of 520,000 barrels per day of net imports in 2019.
The US's large appetite for oil has been a strategic weakness, influencing its foreign policy and partnerships. However, with increased domestic petroleum production and exports, the US has reduced its annual total petroleum net imports since 2005.
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Crude oil exports have increased due to a reduction in crude oil stock
The United States has long been a net importer of crude oil, with imports peaking in 2005. However, in recent years, the US has seen a reduction in its crude oil stock, becoming a net exporter of petroleum in 2020. In 2022, the US exported approximately 3.58 million barrels of crude oil per day while importing about 6.28 million barrels per day, maintaining its status as a net importer of crude oil.
The reduction in US crude oil stock can be attributed to several factors, including increasing domestic petroleum production and declining net imports. Technological advancements have contributed to the rise in US production, allowing refineries to ramp up output. Strong fuel prices and the anticipation of the winter heating season further incentivized refineries to increase production, leading to a draw on crude inventories.
The US imports of crude oil have been predominantly sourced from OPEC countries, with Saudi Arabia being the largest exporter to the US. However, since 1977, the percentage of imports from OPEC nations has generally declined. Canada has emerged as the largest single source of US crude oil imports, accounting for 60% of gross crude oil imports in 2022.
The decrease in US crude oil stock has had implications for exports. As refineries processed more crude barrels, exports increased, indicating strong global demand for US crude oil. Removing export restrictions is expected to further boost the economy, impacting employment, investment, and trade. Additionally, it is anticipated that allowing crude oil exports would increase world supplies, reducing international prices and consumer fuel prices.
In conclusion, the reduction in US crude oil stock has contributed to an increase in crude oil exports. This has been influenced by rising domestic production, declining net imports, and strong global demand. The potential removal of export restrictions may further enhance economic growth and impact fuel prices. These developments underscore the dynamic nature of the global crude oil market and the evolving role of the United States within it.
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The US exports more petroleum products than it imports
The United States has historically been a net importer of crude oil, with imports generally increasing annually from 1954 to 2005, when they peaked. Since 2005, increased domestic petroleum production and exports have helped reduce net imports. In 2022, the US imported about 6.28 million barrels of crude oil per day and exported about 3.58 million barrels per day.
However, in recent years, the US has become a net exporter of petroleum products. In 2011, the US became a net exporter of refined products such as diesel, gasoline, and jet fuel, due to a combination of a slow economy and more efficient vehicles, which reduced demand from American motorists. This trend continued, and in 2019, the US exported more petroleum products than it imported in September and October. In September, the US exported 140,000 more barrels of crude oil and petroleum products per day than it imported, and in October, total exports exceeded imports by 550,000 barrels per day.
This shift towards net exporter status is largely driven by the massive shale-fuelled production climb, with the Permian Basin of Western Texas leading the charge. This has allowed the US to reach the once unimaginable "net exporter" status. According to the EIA, total crude oil and petroleum net exports were expected to average 750,000 barrels per day in 2020, compared to average net imports of 520,000 barrels per day in 2019.
The US's status as a net exporter of petroleum products has had both positive and negative impacts domestically. On the one hand, it has improved the country's trade balance. On the other hand, it has made fuel more expensive in the US.
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The US is a net exporter of lower-quality coal
The United States is a net exporter of coal, which means it exports more coal than it imports. In 2022, the US exported about 85.9 million short tons of coal to 71 countries. This was equivalent to about 14% of US coal production.
The US exports steam coal and metallurgical coal. Steam coal is primarily used for electricity generation, while metallurgical coal is used for steel production. In 2022, steam coal accounted for 75% of total US coal imports, and metallurgical coal made up about 54% of total US coal exports.
The quality of coal can be assessed by its calorific value, which indicates how much heat is released when the coal is burned. This value is important because it affects the efficiency of coal-fired power plants. Coal with a higher calorific value is considered higher quality, as it produces more energy when burned. The calorific value of coal can vary depending on its geographical location and the mining process used.
The US exports lower-quality coal, as indicated by its calorific value. For example, the average calorific value of US coal exported to Europe is lower than that of coal produced in Europe. This is due in part to the different geological conditions in which the coal is formed, as well as the mining and preparation techniques used.
While the US exports a significant amount of coal, it is important to note that the global demand for coal has been declining in recent years. This is due to increasing concerns about climate change and the environmental impact of coal-fired power plants. As a result, some countries have been transitioning away from coal and towards more renewable sources of energy.
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$534
US gasoline exports go to Mexico, Central America, and South America
The United States has been a net exporter of gasoline since 2016. In 2017, more than half of all US motor gasoline exports went to Mexico. This trend continued in 2023, when Mexico remained the top destination for US petroleum product exports, which averaged a record 6.1 million barrels per day (b/d). Mexico accounted for 56% of all US gasoline exports, receiving 502,000 b/d, a drop of less than 1% from 2022.
Mexico is the largest recipient of US motor gasoline exports. In 2015, Mexico received 307,000 b/d, while Central and South America received 228,000 b/d. The US typically exports more distillate fuel to Central and South America than to any other region. In 2015, exports to the region averaged 595,000 b/d, increasing to 602,000 b/d in 2023. However, this was still 23% lower than in 2022. Ecuador and Colombia, in particular, increased their demand for US gasoline in 2015 due to supply constraints from their usual sources.
The US also exports propane, with Asia being the main destination. Propane exports to Asia rose 27% in 2023 compared to 2022, with China accounting for the most growth, increasing by 50%. Propane is used for space heating and as a petrochemical feedstock in East Asia.
While Brazil was once a significant importer of US petroleum products, with US exports to Brazil falling by 67% from 2022 to 2023, the country has since turned to Russia to meet its distillate needs.
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Frequently asked questions
The US exported about 3.58 million b/d of crude oil in 2022.
Some examples of refined fuel products that the US exports include diesel, gasoline, and jet fuel.
The US has been a net exporter of fuel since 2020, a significant shift from being a net importer for the six decades prior.
A combination of a slow economy and more efficient vehicles in 2011 reduced demand from American motorists, encouraging US refiners to send their products abroad.
As US refiners began producing fuel that met global marketplace standards, fuel became more expensive in the domestic market.
