Oil and natural gas exports from the U.S. are booming and strengthening economies here and abroad thanks to hydraulic fracturing and horizontal drilling.
The United States is becoming a major oil and natural gas exporter. Canada and Mexico are purchasing natural gas shipped by pipeline from the United States and Cheniere Energy is shipping liquefied natural gas (LNG) from its Sabine Pass export terminal to Europe, Asia and South America.
Since 2015, when the ban on crude oil exports was lifted by Congress, U.S. oil companies have been exporting crude oil and are continuing to export petroleum products to areas around the world. China has become a regular recipient of U.S. oil and natural gas and in the first ten months of 2017 was the second largest importer of U.S. crude oil. The boom is due to U.S. ingenuity in applying horizontal drilling and hydraulic fracturing to extract oil and natural gas from shale rock, making the United States the largest oil and gas producer in the world and lowering energy prices for consumers.