Project Independence: Possible this Year if US Petroleum Production Continues to Ramp

The US shale boom has led to a surge in the production of crude oil, and much of this production has been exported in recent years. In the chart below, I plot the gross exports of crude oil from the US. Beginning with almost nothing several years ago (in part because crude exports were banned until December 2015), US daily crude exports have eclipsed two million barrels per day.

More impressive is the growth in refined petroleum exports. US exports of refined petroleum products now exceed five million barrels per day.

So, the sum of US crude and refined product exports now is almost seven and a half million barrels per day.