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Arabian Date Is Over? Banking On Shale, USA Now World’s Top Producer And Net Exporter Of Oil And Natural Gas
US President, Donald Trump. (Oliver Contreras-Pool/Getty Images)
For the first time in decades, the US (United States) reached the symbolic milestone of being ‘energy independent’ by becoming a net exporter of oil and refined fuels, as reported by Wall Street Journal (WSJ). America is now the world's largest producer of both oil and natural gas.
In a historic moment, which occurred in the first week of December 2018, the world’s foremost superpower broke its 75-year long dependence on foreign oil suppliers to fuel its growth trajectory. Past US Presidents, from Jimmy Carter to the more recent George Bush, have dreamt of ending US’s dependence on politically turbulent Middle East.
“We are becoming the dominant energy power in the world. But, because the change is gradual over time, I don’t think it’s going to cause a huge revolution, but you do have to think that OPEC is going to have to take that into account when they think about cutting,” said Michael Lynch, president of Strategic Energy & Economic Research, to Mint.
In October 2017, India’s Paradip port received the first-ever shipment of crude oil from the US, marking a shift in the Indo-US relations.
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