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Economic Viewpoint

United States Just Steps Away from Energy Independence

January 24, 2019
François Dupuis, Vice-President and Chief Economist • Mathieu D’Anjou, Deputy Chief Economist • Carine Bergevin-Chammah, Economist

During the last week of November, the United States saw its crude oil and petroleum product exports exceed its imports for the first time since the Energy Information Administration (EIA) began recording this data. This weekly figure does not yet establish a trend, but it does reveal a paradigm shift in the U.S. energy situation. U.S. energy independence, a key policy since the 1970s, appears to be within reach. While the boom in shale oil and gas production improved the U.S. energy balance considerably, crude oil imports, excluding petroleum products, are expected to continue to outstrip exports in the coming years. A more detailed picture of the U.S. energy situation will provide a slightly better understanding of where the country stands with respect to its goal of independence in the industry.