Feb 7, 2020 - Energy & Environment

The U.S. is not energy independent

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Reproduced from EIA; Chart: Axios Visuals

A new Energy Information Administration report shows that while late last year the U.S. became a consistent net exporter of petroleum (that is, crude oil and refined products combined), regions outside the Gulf Coast remain importers.

Why it matters: While it's not discussed in the EIA analysis, President Trump boasted in this week's State of the Union that the U.S. is "now energy independent."

By the numbers: While crude oil exports are rising, the U.S. nonetheless still imports millions of barrels per day.

  • In November, which is the most recent full-month data available, the U.S. imported 5.8 million barrels per day of crude oil and exported 3 million, per EIA.
  • "The United States is a net exporter of petroleum products (such as distillate fuel, motor gasoline, and jet fuel). In November 2019, the United States exported 5.8 million b/d of petroleum products and imported 2.2 million b/d of petroleum products," it adds.

Go deeper: The new normal for crude oil exports

Go deeper

Coronavirus outbreak sparks cutback in 2020 oil demand predictions

Photo: Geovien So/SOPA Images/LightRocket via Getty Images

The Energy Information Administration is trimming its 2020 oil demand forecast by 300,000 barrels per day, citing the effects of the novel coronavirus outbreak.

Why it matters: It's the latest sign of how the outbreak is changing oil market forecasts and creating headwinds for a sector already struggling with middling prices.

Fueled by coronavirus, global oil demand set to drop record amount

Illustration: Sarah Grillo/Axios

Global oil demand in the first quarter of 2020 is expected to decline by the largest amount in recorded history, IHS Markit projected Tuesday night.

Driving the news: The decline, which is set to exceed even what occurred in the 2009 financial crisis, is being driven by the spread of the novel coronavirus and subsequent stunted economic activity in China.

The oil industry's impact on Super Tuesday

Data: EIA; Chart: Andrew Witherspoon/Axios

Several important oil- and gas-producing states vote today, none bigger than Texas, which produces vastly more crude than any other state — and nearly all countries for that matter.

The big picture: It also includes states like Colorado and Utah, which — unlike Texas — have lots of activity on federal lands that would be most affected by more restrictive policies.