Full Title: U.S. Oil in the Global Economy: Markets, Policy, and Politics
Author(s): Sarah Ladislaw, Adam Sieminski, Frank Verrastro, and Andrew Stanley
Publisher(s): Center for Strategic and International Studies
Publication Date: April 1, 2017
Full Text: Download Resource
Description (excerpt):
This note provides highlights from a one-day CSIS workshop held March 22, 2017, with government, industry, financial, and policy experts exploring the role of U.S. tight oil production in the global energy landscape. The workshop addressed a limited set of key issues concerning the role of U.S. oil in the global markets, and is being followed by two related CSIS workshops dealing with societal and environmental risks in U.S. onshore development, and the global natural gas markets.
Background: The rapid rise in unconventional oil output in the early part of this decade returned the United States to a prominent position as a major oil supplier. Over the course of the past 10 years, U.S. liquid production has risen by over 150 percent as net import dependence has fallen by over 60 percent. The United States is now the world’s largest exporter of refined petroleum products and in 2016/2017 became a net exporter of natural gas. The resource endowment coupled with the success of quick cycle development of light tight oil (LTO) continues to affect global oil markets.