May 16, 2018

U.S. crude oil exports hit new high

Ben Geman, author of Generate

An oil derrick in Texas. Photo: Spencer Platt/Getty Images

The United States' crude oil exports averaged 2.57 million barrels per day for the week that ended May 11, the highest level on record, according to newly released federal data.

Why it matters: The data shows how the shale oil production boom, combined with the lifting of extremely heavy export restrictions in a late 2015 law, is transforming the U.S. into an increasingly prominent player in global crude markets.

Sign of the times: Of the six times the weekly export average has exceeded 2 million barrels per day, five of them have occurred in 2018, Energy Information Administration figures show.

Go deeper: Reuters has more here on EIA's weekly petroleum data release.

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Illustration: Sarah Grillo/Axios

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  2. U.S.: Total confirmed cases as of 3 a.m. ET: 1,920,061 — Total deaths: 109,802 — Total recoveries: 500,849 — Total tested: 19,778,873Map.
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Protesters gather north of Lafayette Square near the White House during a demonstration against racism and police brutality, in Washington, D.C. on Saturday evening. Photo: Jose Luis Magana/AFP via Getty Images

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Why it matters: Twelve days of nationwide protest in the U.S. has built pressure for states to make changes on what kind of force law enforcement can use on civilians and prompted officials to review police conduct. A memorial service was held for Floyd in Raeford, North Carolina, near where he was born. Gov. Roy Cooper ordered all flags to fly at half-staff to honor him until sunset.

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Despite a ban on large gatherings implemented in response to the coronavirus pandemic, protesters rally against racism in front of the American Embassy in Paris on June 6. Photo: Julien Mattia/Anadolu Agency via Getty Images

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