Just yesterday, Axios highlighted the continued increase in U.S. crude oil exports. Prior to December 2015, crude oil exports from the United States were banned. Rep. Barton introduced legislation (H.R. 702) to lift the antiquated ban on crude exports in February 2015; he also introduced the same bill in the previous Congress. Under Barton’s leadership, support for the bill grew quickly and gained the approval of Congressional leadership and key stakeholders. When the ban was lifted with the passage of the omnibus of 2015 Barton stated, “This represents the most substantial energy policy enacted in a generation.”
Record-breaking:The Energy Information Administration issued a report yesterday that shows exports of crude oil and refined petroleum products reached record levels in the first half of 2017.Note: "Other oils" includes natural gas liquids other than propane, as well as other petroleum products such as lubricants and unfinished oils; Data: EIA; Chart: Chris Canipe / Axios
And check out the chart above — Chris Canipe, one of the Axios data visuals wizards, looks at even more recent data to show how the trend has largely continued.
Why it matters: The data signals how the U.S. has become a major player in global petroleum markets. The expansion of crude oil exports is especially noteworthy — the lifting of the crude export ban in late 2015 combined with the shale oil surge has enabled a major rise in U.S. crude shipments.
The gritty details: Crude oil exports, which grew by 300,000 barrels per day to 900,000 bpd in the first half of the year compared with the same period in 2016, have really taken off in recent weeks, fueled in part by the size of the discount of WTI compared with Brent crude.
Other EIA data released yesterday shows exports of 1.8 million barrels per day in the week ending Oct. 13, which is up from the 1.3 million the prior week. It's not quite the nearly 2 million in late September when refinery outages from Hurricane Harvey was pushing excess supply of discounted crude into the arms of willing global buyers.