US energy exports have hit record highs, at the cost of higher fuel prices at home.
The country shipped 14.2 million barrels of crude and products daily in April, equivalent to typically one out of seven barrels consumed globally, The Wall Street Journal reported: “No other nation in the world’s history has ever exported as much energy.”
But domestic inventories are depleting, oil producers can’t keep pace, and the Trump administration has ruled out banning energy exports, forcing Americans to pay more for fuel. “This is all just going to end so badly,” a Kpler analyst said.
Meanwhile, as Iranian strikes have paralyzed LNG production in Qatar, the Gulf is increasingly betting on the US’ LNG boom.