The United States turned into a net oil exporter last week, breaking 75 years of continued dependence on foreign oil and marking a pivotal — though likely brief — moment toward what President Trump has branded as "energy independence." The shift to net exports is the dramatic result of an unprecedented boom in U.S. oil production, with thousands of wells pumping from the Permian region of Texas and New Mexico to the Bakken in North Dakota to the Marcellus in Pennsylvania.

The country has been heading in that direction for years, but this week’s dramatic shift came as data showed a sharp drop in imports and a jump in exports to a record high. Given the volatility in weekly data, the United States is likely to remain a small net importer most of the time.

“We are becoming the dominant energy power in the world,” said Michael Lynch, president of Strategic Energy & Economic Research. “Because the change is gradual over time, I don’t think it’s going to cause a huge revolution. But you do have to think that OPEC is going to have to take that into account when they think about cutting.”

The shale revolution has transformed oil wildcatters into billionaires and the United States into the world’s largest petroleum producer, surpassing Russia and Saudi Arabia. The power of OPEC has been diminished, undercutting one of the major geopolitical forces of the last half a century. The cartel and its allies are meeting in Vienna this week, trying to make a tough choice to cut output and support prices, risking the loss of more market share to the United States.

https://www.latimes.com/business/la-fi-oil-exporter-opec-20181206-story.html