The business of exporting petroleum products from the U.S. is growing at a record pace, and the future looks bright.
U.S. exports of crude oil and petroleum products during January and February, the most current figures available, averaged 6.1 million barrels per day compared to 4.9 million bpd during the same period in 2016, according to the Energy Information Administration. A comparison of the exports from the same period 10 years ago reveals an incredible 334 percent increase from 1.4 million bpd in 2007 to 2017.
Exports of finished petroleum products (crude oil that has been refined) continues to be the largest category of petroleum exports with an average 3.2 million bpd recorded during the first two months of 2017. That’s a 16 percent (450,000 bpd) increase over the same period in 2016 and a 160 percent (2 million bpd) increase over 10 years ago, according to EIA.
Crude oil exports, which were prohibited by federal law until December 2015, have grown to 1.1 million bpd in February.
Exports of liquified petroleum gases have been on the rise, too, as the federal government has slowly but surely been approving construction of new export terminals. So far in 2017, exports have averaged 1.2 million bpd compared to 1 million bpd for the same period 2016, a 16 percent increase.
Even though liquid natural gas exports from the Sabine Pass terminal in Louisiana declined from 51…