When George W. Bush signed legislation in 2007 to subsidize and mandate the production of biofuels, he cited the urgent need to liberate America from “long-term” dependence on “oil from foreign lands.” Turns out there was an easier, much less expensive way: drill, baby, drill.
The Energy Information Administration announced this month that the port district of Houston-Galveston began exporting more crude oil than it imported for the first time. Houston-Galveston exports in April surpassed imports by 15,000 barrels a day, and by May the difference had grown to 470,000 barrels a day. That port district handles more than half of all U.S. crude exports, which hit a record of two million barrels a day in May.
The export boom is testament to U.S. ingenuity that has driven rapid advances in hydraulic fracturing and horizontal drilling, especially in shale rock. The breakthroughs have lowered drilling costs and put Texas’s Permian Basin at the center of an oil-and-gas drilling revolution that will next year see the state producing more oil than either Iraq or Iran.
— Read on www.wsj.com/articles/the-oil-export-boom-1535670283