U.S. crude oil exports hit a record high

U.S. exports of crude oil surged to average 3 million barrels per day for the week ending June 22, by far the highest level ever, according to newly released data from the federal Energy Information Administration (EIA).

Data: Energy Information Administration; Chart: Chris Canipe/Axios

Why it matters: The record signals how the U.S. has become an increasingly powerful force in global crude oil markets as domestic production, already at record levels, inches closer to reaching 11 million barrels per day.