US Oil exports are “surging” to say the least…
This will help with the middle east supply being reduced by IRAN, but some practical barriers will keep it from fully solving the problem.
For one, most Mideast oil goes to Asia, which is much closer. Exporting the same volume from the US would require many more tanker ships than currently exist.
For May alone, 28 supertankers are already lined up to carry US crude, compared to 5 typically booked at this point in a month.
Nevertheless, higher US oil exports will have other effects. If it persists, it could significantly reduce our trade deficit. That, in turn, would affect global capital flows and currency rates.
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