In his 2020 State of the Union Address, the U.S. President Donald Trump highlighted the success of the oil and gas industry.
In fact, he stressed that thanks to the bold regulatory reduction campaign, the United States has become the number one producer of oil and natural gas in the world.
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The US President came to add that it is with the tremendous progress over the last 3 years, that America is now energy independent, while energy jobs are now at a record high; “We are doing numbers that no one would have thought possible just 3 years ago.”
It has been previously said that as US crude oil production rose over the past decade, gross inputs into refineries also increased. In 2018, record-high levels of US crude oil production and refinery runs assisted refiners export large volumes of petroleum products, even with high levels of domestic demand.
Namely, US exports of total petroleum products achieved a record high in 2018, reaching an annual average of 5.6 million barrels per day (b/d), which is an increase of 366,000 b/d from 2017 levels, EIA has previously reported. The three largest petroleum product exports from the US in 2018 were distillate, propane, and motor gasoline.
In last November’s Short-Term Energy Outlook (STEO), EIA increased its US crude oil production forecast for year 2019 by 30,000 barrels per day, in comparison to October’s STEO; Similarly, on the contrary to October’s forecasts, EIA rose its 2020 crude oil production forecast by 119,000 bpd.
According to November’s STEO, EIA forecasts that U.S. benchmark West Texas Intermediate (WTI) crude oil price forecast by $2 per barrel (b) in November to $56/b and by $1/b in both December and January to $55/b and $54/b, respectively.
You can watch the 2020 State of the Union Address bellow.
