The surge in US oil and gas production in recent years has fuelled expectations that the country could eventually become a major energy exporter. Indeed, the US already runs trade surpluses in coal and in refined petroleum products and should become a net exporter of natural gas too within a few years. Admittedly, the US may never achieve full energy independence and, regardless of the legal obstacles, is unlikely ever to be a significant exporter of crude oil. But net imports of crude could still fall further too.
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