How much domestic oil is exported

To help keep your account secure, please log-in again. You are no longer onsite at your organization. Please log in. For assistance, contact your corporate administrator. Arrow Created with Sketch. Calendar Created with Sketch. Path Created with Sketch. Shape Created with Sketch. Plus Created with Sketch. On December 18, , President Barack Obama signed into law legislation funding the federal government, which included a provision that lifted the restrictions on U. In , the United States government enacted limitations on the export of crude oil to protect American consumers from price volatility on the world market.

Today, America has an abundance of energy supplies, brought on by the advancement of hydraulic fracturing and horizontal drilling technology. While the surplus of American crude oil cannot be exported, there are currently no restrictions on exporting U.

Gasoline prices are tied to international oil prices and set by the global market. Adding more reliable American energy supplies to the global market will reduce market volatility, help stabilize international oil prices, and therefore help lower gasoline prices in the U. The ban on crude oil exports puts United States companies at a competitive disadvantage, preventing them from competing on an equal playing field with international state-owned and private competitors in the very global marketplace that sets the energy prices driving their businesses.

The U. Energy Information Administration and numerous independent economic studies have confirmed that expanding U. Allowing the export of surplus American crude oil production would result in sharp reductions to our trade deficit and reduce the need for the United States and its allies to import oil from volatile regions of the world.

In the third quarter of , the U. The recent increase in domestic oil production, especially since , has had a significant impact on U. The Energy Information Administration projects that U. Skip to main content. PDF version. Annual Energy Outlook Report , Energy Information Administration Technical summary of projected energy production, imports, exports, and more through