According to a recent report from Citigroup, for the first time since 1949, the US has become a net petroleum product-exporting country and has overtaken Russia as the world’s largest refined petroleum exporter.
This is in part due to falling national demand — by about 2 million barrels a day since its peak in 2005 (the recession, energy efficiency policies, technology commercialisation) — but also to do with the increase in homeland oil production derived from the exploitation of shale oil.
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