What Does a More Energy Independent U.S. Mean For the World?
The EIA’s weekly petroleum report showed U.S. crude oil refinery inputs falling below their previous week’s numbers at 15.0 million barrels per day, around 220,000 less per day than last week. Gasoline production also decreased in the last week, averaging 9.0 million barrels per day.
Imports continue to decline, as over the last four weeks imported crude stands at 7.8 million barrels per day, approximately 1.1 million barrels per day less than this time last year. Distillate fuel imports are also down from this time last month, with 136,000 barrels per day being imported, as opposed to the 223,000 per day at the end of April. Moreover, the amount of gasoline being supplied is down 2.4 percent from last year, at 8.6 million barrels per day.
The energy picture in the U.S. continues to move towards a surging domestic industry, with imports on the decline, and the issue of exports becoming a key issue on the U.S. policy scene.