You most likely won’t hear about this in the mainstream media since it has nothing to do with Russian collusion, but the United States has finally ended its dependence on foreign oil.
And what makes it even better is that it happened on President Donald Trump’s watch.
MSN reported on the story.
America turned into a net oil exporter last week, breaking almost 75 years of continued dependence on foreign oil and marking a pivotal — even if likely brief — moment toward what U.S. President Donald Trump has branded as “energy independence.”
The shift to net exports is the dramatic result of an unprecedented boom in American oil production, with thousands of wells pumping from the Permian region of Texas and New Mexico to the Bakken in North Dakota to the Marcellus in Pennsylvania.
While the country has been heading in that direction for years, this week’s dramatic shift came as data showed a sharp drop in imports and a jump in exports to a record high. Given the volatility in weekly data, the U.S. will likely remain a small net importer most of the time.
“We are becoming the dominant energy power in the world,” said Michael Lynch, president of Strategic Energy & Economic Research. “But, because the change is gradual over time, I don’t think it’s going to cause a huge revolution, but you do have to think that OPEC is going to have to take that into account when they think about cutting.”
The shale revolution has transformed oil wildcatters into billionaires and the U.S. into the world’s largest petroleum producer, surpassing Russia and Saudi Arabia. The power of OPEC has been diminished, undercutting one of the major geopolitical forces of the last half century.
The shift to net exports caps a tumultuous week for energy markets and politics. OPEC and its allies are meeting in Vienna this week, trying to make a tough choice whether to cut output and support prices, risking the loss of more market share to the U.S.
And although the United States did not take France’s route on addressing climate change it is still working to fix it, USA Today reported.
And it appears it took the right tack as France is burning.
Nineteen nations “believe” in climate change. How are they backing up their statement of faith?
China was praised for signing on to the Paris Climate Agreement and in Argentina reaffirmed its commitment to controlling greenhouse gas emissions. Last year, however, China increased those emissions by 1.7 percent.
India, the fourth largest source for CO2, saw their emissions grow by 4.6 percent in 2017. Luckily for them, they too were praised for signing that “nonbinding communiqué.”
Overall, the European Union raised their CO2 output by 1.5 percent.
France, home of the Paris Agreement, is leading the diplomatic effort to save the planet. They increased their greenhouse gas emissions by 3.6 percent.
Pollution in France will likely rise further this year from the burning cars alone. French President Emmanuel Macron announced a sharp increase in gas and diesel taxes last month. This sparked the largest riots seen in Paris in nearly 50 years as yellow-vested citizens blockaded roadways, burned vehicles and damaged artwork and infrastructure.