U.S. Net Energy Imports Hit Lowest Levels Since 1982
However, the larger factor leading to the reduction in the net energy trade balance has been increasing energy exports. Gross energy exports rose to 18.0 quadrillion Btu in 2017, a 27% increase from 2016 and the highest annual U.S. energy exports on record. Increasing U.S. energy exports have been driven largely by increases in exports of petroleum products and natural gas.
In recent years, exports of crude oil have also contributed to the overall rise in energy exports after export restrictions were lifted at the end of 2015. In energy content terms, the U.S. now exports nearly as much energy in the form of crude oil (2.3 quads) as coal (2.5 quads).
In 2017, the U.S. saw substantial increases in exports of all fossil fuels, with exports of crude oil 89% higher than in 2016 and petroleum products up 11%, natural gas 36%, and coal 61%. Exports of crude oil and petroleum products both reached record levels. Petroleum products such as gasoline, distillate fuel, propane, and other fuels currently make up the largest share of U.S. energy exports at 54%.
The U.S. became a net exporter of petroleum products in 2011 and natural gas in 2017. Last year the U.S. was a net exporter of coal, coal coke, petroleum products, natural gas, and biomass, but a net importer of crude oil. Net electricity trade with Mexico and Canada was relatively minimal.
An increase in total U.S. energy production contributed to the decline in net imports in 2017, led by production increases in renewable energy at 8%, especially hydropower and wind, as well as production increases in coal, 6%, natural gas plant liquids, 6%, crude oil, 5%, and natural gas, 1%. Total U.S. energy consumption was virtually unchanged from the previous year.
(SOURCE: The Weekly Propane Newsletter, April 16, 2018)
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