According to the Energy Information Administration, the U.S in 2012 exported record levels of refined oil products such as diesel and jet fuel because of its efficient refineries operating at near capacity. The U.S. also imported significantly less due to flat domestic demand. Lower imports and increased exports have helped narrow the U.S. trade deficit and strengthen the overall economy.
Here in this infographic from the American Petroleum Institute, the levels of imports and exports from the U.S have been compared from 2006, to the most recent figures in 2012.
As the infographic clearly shows, the U.S has become a net exporter between 2006 and 2012, the first time since 1949 thanks to industry investment in domestic oil and gas production, as well as refinery upgrades.
Whilst net exports of petroleum products only accounted to 2% of U.S consumption, total petroleum product exports account for 8% of total U.S exports. This flexibility to export more domestically manufactured products has helped to reduce the U.S' worrying trade deficit.
Photo Credit: Daniel Ramirez via Flickr