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America is exporting its oil at a record never before seen in history.

Expand chart
Data: U.S. Energy Information Administration; Chart: Axios Visuals

Why it matters: That straight line upward, highlighted by the U.S. Energy Information Administration Wednesday, reflects one of the most dramatic turnarounds of an industry that affects so many corners of the American and global economies, from trade deficits to everyday drivers.

By the numbers:

  • Fueled by fracking and horizontal drilling, America is on track to produce a record 10.7 million barrels of oil per day this year, surpassing its 1970 record of 9.6 million and more than double the production levels of a decade ago.
  • In late 2015, Congress lifted America’s 40-year-old ban on oil exports, opening the gates for this export trend, which was already underway for refined petroleum products.
  • The EIA, the statistical arm of the Energy Department, predicts America is on track to become a net energy exporter in just four years.
  • America’s net oil imports are at a record low of roughly 2.6 million barrels a day, down from a record high of 13.4 million in 2006.
  • Gasoline prices, which are mostly driven by the cost of oil, are also lower (though not breaking records). Dropping precipitously along with the oil prices in 2014, prices at the pump have hovered around $2.50 a gallon since then.
  • The last time gasoline prices were steady at this price was 2006, excluding the immediate aftermath of the 2008 financial crash.

One level deeper: The chart shows yearly averages, and we can already expect 2018 to be another record-breaking year. Some weekly averages of oil exports have already broken the 2 million mark, as Axios' Ben Geman highlighted in this piece a few weeks ago.

Yes, but: America's oil-export boom is an impressive growth story, but it still pales in comparison when it comes to actual export levels. For example, Saudi Arabia exports roughly 7 million barrels of oil a day.

Go deeper

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

Erica Pandey, author of @Work
1 hour ago - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.

Wanted: New media bosses, everywhere

Illustration: Sarah Grillo/Axios

The Washington Post, Los Angeles Times, Reuters, HuffPost and Wired are all looking for new editors. Soon, The New York Times will be too.

Why it matters: The new hires will reflect a new generation — one that's addicted to technology, demands accountability and expects diversity to be a priority.

You’ve caught up. Now what?

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