E&E News reported the U.S. has exported more crude oil and petroleum products than it imported for the first time in more than 70 years based on new data from the U.S. Energy Information Administration (EIA). While the numbers show this is likely due to the drop in oil demand due to the onset of the COVID-19 pandemic in 2020, this is a major step forward for U.S. energy independence and a milestone for the top oil-producing country in the world.
While energy-related carbon emissions are likely to rise this year and next, the EIA predicts emissions will remain 4% lower in 2022 than in 2019 as natural gas power-generation continues to rise, replacing less environmentally-conscious methods of electricity generation.
It is critical that the U.S. continue to bolster domestic energy production over the next four years and beyond not only for American energy needs, but also for the sake of the economy and our national security. An abundance of affordable, reliable energy can help with our nation’s post-COVID economic recovery, both for consumers and for the thousands of jobs the industry supports. Strengthening and expanding our domestic energy capabilities allows the US and its allies to become less reliant on foreign, sometimes unpredictable, foreign sources.
It is paramount that policymakers and regulators foster a regulatory environment that is conducive to expanded energy production and investment in critical infrastructure to ensure the U.S. remains a top exporter for decades to come.