US exports more oil than it imports for first time since 1995

Aljazeera 

The United States exports more oil than it imports for the first time since 1995, in a growing trend sped by the controversial practice of hydraulic fracturing.

For the month of October, the U.S. averaged exports of 7.7 million barrels of oil per day while taking in just 7.6 million barrels per day (bpd), according to the Energy Information Administration (EIA).

Imports were at their lowest since February 1991, EIA reported Wednesday.

Shale gas extraction involves pumping water and special chemicals into deposits deep beneath the earth to break apart hard deposits of the gas-rich shale, then draw the fuel back up.

The “fracking” boom has sparked controversy, with opponents saying it contaminates ground water and causes earthquakes. Advocates argue the industry brings jobs to communities that allow the practice.

The EIA projects fracking will grow significantly as a source of U.S. energy production over the next 30 years.

Along with fracking, lower consumption due to increased prices has helped turn the U.S. into a net oil exporter, according to USA Today.