US becomes net exporter of oil and gas

The US exported more oil and other fuel products than it imported in 2011 for the first time since 1949. This was according to a recent report from the US […]

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By Tom Gibson

The US exported more oil and other fuel products than it imported in 2011 for the first time since 1949. This was according to a recent report from the US Department of Energy, which has revealed how much America has ramped up production of petroleum over the last few years.

Shipments abroad of petroleum products exceeded imports by 439,000 barrels a day, the department said in the Petroleum Supply Monthly report. Daily net imports averaged 269,000 barrels in 2010.