U.S. Oil Independence Beckons as Exports Rise: Chart of the Day
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U.S. net exports of oil products such as diesel will more than double in the next decade from record levels as slowing domestic consumption cuts the nation’s dependence on foreign energy, Citigroup Inc. said.
The CHART OF THE DAY shows how net exports expanded to a record 920,000 barrels per day in September, the most recent monthly data available from the Department of Energy. Net outbound cargo will add another 1.5 million barrels a day by 2022 as output grows, cars become more efficient in the U.S. and demand rises in Latin America, said Ed Morse, head of commodity research at Citigroup Global Markets Inc.