The U.S. Energy Information Administration (EIA) predicts that under the Biden Administration, the U.S. will now once again import more oil than it exports in 2021.
In the forecast the EIA states:
“…increasing crude oil imports will drive the growth in net petroleum imports in 2021 and 2022 and more than offset changes in refined product net trade. EIA forecasts that net imports of crude oil will increase from its 2020 average of 2.7 million barrels per day (b/d) to 3.7 million b/d in 2021 and 4.4 million b/d in 2022.”
In their Short-Term Energy Outlook for 2020, the EIA “estimates that 2020 marked the first year that the United States exported more petroleum than it imported on an annual basis. However, largely because of declines in domestic crude oil production and corresponding increases in crude oil imports”.
After taking office, President Biden issued a 60-day moratorium on the issuance of new oil and gas operations permits. [ Read More: CNS News ]
U.S. Will Now Import More Oil than It Exports Under Biden
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