The United States is producing so much oil that they’re now exporting it to the Middle East.
The United Arab Emirates, which grew rich on oil exports and is a member of OPEC, bought more than 700,000 barrels of Texas oil last year.
The type of oil that the UAE purchased, directly from the U.S. federal government, is a very light crude oil called “condensate,” which is supposedly superior to Middle Eastern oil.
Experts say, despite the purchase, the UAE will likely go back to using its own, cheaper oil shortly, given their vast supply.
But the explosive growth of shale production in the northern United States, mainly in North Dakota, has helped rewrite the rules when it comes to oil production.
Just over a decade ago, President George W. Bush and Vice President Dick Cheney were often derided by the left for invading Iraq to secure oil resources. But now, the United States is producing so much oil that it’s gone from being the world’s largest importer to the world’s largest exporter.
AAN Staff
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